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.