JPMorgan to pay $2 billion in Madoff case

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By Michael Hechtman

January 6, 2014 | 6:47am

Victims of megascammer Bernie Madoff may get some good news as early as Tuesday.

The feds are expected to announce that JPMorgan Chase will pay more than $2 billion in penalties for allegedly failing to issue warnings about Madoff's Ponzi scheme, it was reported Monday.

The Wall Street Journal said the bulk of the money will go to the people Madoff ripped off, the rest to the US Treasury.

The bank had a 20-year relationship with Madoff.

It would be the latest in a series of deals to settle lawsuits against the bank and end investigations of its practices. Michael Hechtman

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