Banking

JPMorgan Chase To Settle With Feds Over Maddof's Ponzi Scheme

To Pay around $2 billion

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NEW YORK, Jan. 6 (UPI) — JPMorgan Chase is nearing a deal to pay the government about $2 billion to close out claims related to the Bernard Madoff Ponzi scheme, the New York Times says.

The newspaper reported Sunday people briefed on the case say the bank will pay the criminal and civil penalties to settle up with federal authorities who suspect it ignored signs of Madoff's fraudulent investment racket that cost his clients billions of dollars.