Banking

JPMorgan Chase To Pay $1.7 Billion To Madoff Ponzi Scheme Victims

Largest penalty in history for Bank Secrecy Act violation

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JPMorgan Chase & Co., already beset by other costly legal woes, has agreed to pay $1.7 billion to settle criminal charges accusing the bank of ignoring obvious warning signs of Bernard Madoff's massive Ponzi scheme, federal authorities said Tuesday.

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