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JP Morgan spends $2.5 bn in Madoff settlement

JPMorgan Chase agreed to a record $2.5 billion in penalties in a deal that spared its executives any chance of jail time in Bernard Madoff’s $65 billion Ponzi scheme. With the settlement , the nation’s largest bank, ended its 22-year relationship with the man behind the crime of the century but infuriated Madoff victims who denounced the agreement as a slap on the wrist. The penalty includes a record $1.7 billion forfeiture to settle criminal charges in the case, the largest against a bank in U.S. history. It was accompanied by a $350 million civil penalty payable to the Treasury Department and another $543 million to settle claims from Madoff investors.

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