JP Morgan facing $2bn fine for involvement in Madoff ponzi scheme [1]
The Guardian - 12/12/13, Dominic Rushe
JP Morgan Chase is said to be close to a huge deal with the US government. Photograph: Spencer Platt/Getty Images
JP Morgan Chase, the biggest bank in the US, is facing another multi-billion dollar fine, this time deriving from its involvement with notorious Ponzi scheme fraudster Bernard Madoff.
The bank has tentatively agreed to pay $2bn to settle allegations it failed to inform US authorities of the jailed fraudsters suspicious activity, according to people familiar with negotiations. A settlement deal with the Justice Department could come as early as next week. The bank declined to comment.
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