JPMorgan to pay $2B in Madoff case

JPMorgan Chase is nearing a $2 billion settlement with the government over suspicions that the bank turned a blind eye to Bernard Madoff’s Ponzi scheme, according to The New York Times.

The settlement, coming five years after Madoff’s arrest, would bring JPMorgan’s total payouts related to various government investigations to roughly $20 billion over the last year, the newspaper reports.

The latest settlement reportedly involves a deferred prosecution agreement, but would require JPMorgan to acknowledge the facts of the case and change its practices.

“The agreement, nearly unheard-of for a giant American bank and typically employed only when misconduct is extreme, underscores the magnitude of the case against JPMorgan,” write the NYT’s Jessica Silver-Greenberg and Ben Protess.

Read The New York Times story here in its entirety.