NY judge OKs JPMorgan $1.7B deal with government

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Associated Press

Posted on January 8, 2014 at 6:01 PM

Updated Wednesday, Jan 8 at 8:01 PM

NEW YORK (AP) — A New York judge has approved a non-prosecution agreement reached after JPMorgan Chase & Co. agreed to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Wall Street swindler Bernard Madoff's (MAY'-dawfz) private investment service.

U.S. District Judge Kevin Castel approved the deal Wednesday, a day after it was announced. The judge set a January 2016 court date for the government to report if the bank complies with the agreement.

Prosecutors have called the $1.7 billion the largest forfeiture by a U.S. bank for a Bank Secrecy Act violation.

JPMorgan will pay more than $2.5 billion in total to settle claims stemming from Madoff's fraud.

Madoff admitted cheating thousands of people out of billions of dollars. He's in prison in Butner, N.C.

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