Jamie Dimon, chief executive of JPMorgan Chase, signalled the bank planned to pay penalties over allegations that it failed to notify US authorities that it was worried Bernard Madoff was running a Ponzi scheme.
Five years on from the revelation that Madoff defrauded investors of $20bn, JPMorgan is in settlement talks with the Department of Justice, people familiar with the matter said.
Mr Dimon indicated the bank would pay to resolve the Madoff matter even though it has maintained for five years that the claims were “meritless”.
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