TIME

Judge Approves $218 Million JPMorgan Settlement for Bank’s Role in Bernard Madoff Ponzi Scheme

Bernard Madoff, founder of Bernard L. Madoff Investment Secu
Bernard Madoff is led out from Federal court Mar. 10, 2009 in New York. Jin Lee—Bloomberg/Getty Images

This class-action settlement worth $218 million is just a sliver of the more than $2 billion the bank has agreed to pay for its role in the Ponzi scheme. The judge said the deal provides “substantial and immediate” benefits to Madoff's victims

A New York federal judge approved Friday JPMorgan Chase’s $218 million class-action settlement over its role in Bernie Madoff’s Ponzi scheme.

Judge Colleen McMahon said the deal with Madoff’s customers meets the standards for final approval and provides “substantial and immediate” benefits to his victims. The judge also awarded $18 million in legal fees to the law firms representing the plaintiffs.

JPMorgan, Madoff’s primary bank for more than 20 years, has agreed to pay a total of $2.25 billion to Madoff-related cases, including a $1.7 billion civil settlement with the U.S. government and $325 million settlement with Irving Picard, the trustee liquidating Madoff’s former company, Reuters reports.

Madoff, who lost an estimated $17.3 billion of customers’ investments, is serving a 150-year prison term.

[Reuters]

Your browser, Internet Explorer 8 or below, is out of date. It has known security flaws and may not display all features of this and other websites.

Learn how to update your browser
Follow

Get every new post delivered to your Inbox.

Join 45,976 other followers