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| JP Morgan to pay $1.7bn to victims of the Madoff fraud | JP Morgan to pay $1.7bn to victims of the Madoff fraud |
| (35 minutes later) | |
| JP Morgan Chase has agreed to pay $1.7bn (£1bn) to victims of the Bernard Madoff fraud following a settlement with US prosecutors. | JP Morgan Chase has agreed to pay $1.7bn (£1bn) to victims of the Bernard Madoff fraud following a settlement with US prosecutors. |
| The settlement comes after Federal prosecutors accused the bank of ignoring red flags about Madoff's crimes. | The settlement comes after Federal prosecutors accused the bank of ignoring red flags about Madoff's crimes. |
| JP Morgan admitted to charges that it failed to effectively monitor customer activity for money laundering. | JP Morgan admitted to charges that it failed to effectively monitor customer activity for money laundering. |
| The bank has agreed to improve its controls as part of the settlement. | The bank has agreed to improve its controls as part of the settlement. |
| While JP Morgan acknowledged failures in its protections against money laundering, the settlement includes a so-called deferred prosecution agreement that allows it to avoid criminal charges. | |
| No individual executives were accused of wrongdoing. | |
| JP Morgan was Madoff's primary bank in the later years of a fraud that lasted for decades. It ended in 2008 when he revealed to the FBI that his investment advisory business was a Ponzi scheme. | |
| The 75-year-old Madoff pleaded guilty to the fraud and is currently serving a 150-year prison sentence in the US. |