The bank - which already has put aside $23b into a litigation contingency reserve - is said by authorities to have kept quiet on its suspicions on Bernie Madoff and his Ponzi schemes for a decade. It has now agreed to pay the $2.6b in a deal designed to avoid a criminal prosecution and with the hope of avoiding private litigation. The office of Preet Bharara, US attorney in southern New York, said: 'JP Morgan as an institution failed - and failed miserably'. The deal has been made under condition that JP Morgan reform its practices. Source: Financial Times
Email your news and story ideas to: [email protected]
