JPMorgan Chase, the US bank used by Bernard Madoff who masterminded the biggest fraud on record, has agreed to pay about $2.0 billion to US authorities to avoid litigation, press reports said Monday.
Madoff masterminded a massive and long-running so-called Ponzi investment fraud which came to light in 2008 as the financial crisis gathered speed.
At the time of its collapse in 2008, Madoff Securities claimed it had about $65 billion in client assets, whereas in fact it had only about $300 million.
The fraud ruined many investors and stoked public anger over the causes and consequences of the crisis.
Reports in the Wall Street Journal and the New York Times, citing people close to the matter, said JPMorgan Chase would announce the settlement this week.