Link

JPMorgan Chase : U.S. judge OKs JPMorgan $218 million Madoff class-action settlement

JPMorgan Chase : U.S. judge OKs JPMorgan $218 million Madoff class-action settlement

A federal judge on Friday gave final approval to JPMorgan Chase & Co’s $218 million settlement to resolve class-action litigation accusing the largest U.S. bank of playing a central role in the huge Ponzi scheme of former client Bernard Madoff.

U.S. District Judge Colleen McMahon in Manhattan said the accord “easily meets the standards” for final approval, and provides “substantial and immediate” benefits to the swindler’s former customers.

She also awarded $18 million of fees to law firms that represented the customers: Entwistle & Cappucci, and Hagens Berman Sobol Shapiro.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s