DHAKA: US banking giant JPMorgan Chase will pay US$1.7 billion to the victims of Bernard Madoff’s Ponzi scheme under an agreement with prosecutors.

A US Attorney announced on Tuesday, reports The Straits Times.

JPMorgan admitted to charges that it failed to maintain an effective money-laundering programme and did not file a suspicious activity report on Madoff, said Preet Bharara, US Attorney for the Southern District of New York.

BDST: 2043 HRS, JAN 07, 2014
Edited by Robab Rosan, Current Affairs Editor