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February 5, 2014

JPMorgan’s $543 Million Madoff Trustee Settlement Approved

JPMorgan Chase & Co. (JPM)’s $543 million settlement with the trustee for Bernard Madoff’s defunct firm was approved by the judge overseeing its liquidation, ending a case in which thousands of investors accused the bank of turning a blind eye to the U.S.’s biggest Ponzi scheme.

“The accord, reached Jan. 7, was approved today by U.S. Bankruptcy Judge Stuart Bernstein in New York. The deal resolves a lawsuit by the trustee, Irving Picard, and two related class-action cases filed by Madoff victims who accused the bank of negligence.

“The settlements are fair, reasonable and in the best interest of the Madoff estate,” Bernstein said. The deals provide “substantial benefit” to victims, he said.”

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Read full Bloomberg article here

 
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