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JPMorgan To Pay Over $2.5 Billion In Madoff Fraud [UPDATE]

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January 07, 2014 AT 12:02 PM
JPMorgan will pay more than $2.5 billion for missing obvious warning signs of Bernard Madoff's massive Ponzi scheme. Authorities said Tuesday that the nation's largest bank will forfeit $1.7 billion to settle criminal charges. It also will pay a $350 million civil settlement to the government and $543 million to settle other claims brought on behalf of fraud victims.