Judge approves JPMorgan's Madoff class action settlement

Gavel

A federal judge on Friday gave final approval to JPMorgan's $218m settlement to resolve class-action litigation accusing the bank of playing a central role in the huge Ponzi scheme of former client Bernard Madoff.

Reuters reports that 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 $18m of fees to law firms that represented the customers: Entwistle & Cappucci, and Hagens Berman Sobol Shapiro.

The settlement was part of a $2.24bn global resolution of Madoff-related matters by JPMorgan, which was Madoff's main bank for more than 20 years.

To access the complete Reuters article hit the link below:

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

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