JPMorgan to pay over $2 billion to settle Madoff case

By using David Henry and Emily Flitter NEW YORK (Reuters) – JPMorgan Chase & Co will pay greater than $2 billion of penalties to settle expenses by U.S. federal authorities that it did not report suspicious task involving Bernard Madoff's Ponzi scheme. As a part of the deal, JPMorgan is admitting to a laundry listing of screw ups to explore pink flags it discovered. This resulted in the government's conclusion that it violated laws requiring it to watch consumer job for cash laundering all through its two-decade relationship with Madoff, authorities stated on Tuesday. Among the screw ups included in a detailed remark of information released through U.S. prosecutors are circumstances dating again to the early 1990s wherein JPMorgan staff recounted to one another that Madoff was once enticing in unsuitable habits however didn’t file it to authorities or finish the banking relationship.