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J.P. Morgan to Pay Feds $2 Billion in Madoff Settlement Claim

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Banking giant J.P. Morgan has agreed to pay the federal government nearly $2 billion to settle claims it ignored Bernie Madoff's massive Ponzi scheme.

The bank has agreed to what is called a "deferred prosecution agreement", which means that it can admit that it failed to protect customers against money laundering, and criminal charges have been deferred for two years.

J.P. Morgan Chase & Company was Madoff's primary bank towards the end of Madoff's decades-spanning scam that cost his clients more than $20 billion.

No bank executives have been accused of wrongdoing.

Madoff is currently serving his fourth year of a 150-year sentence.

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