NEW YORK — A judge on Wednesday approved a non-prosecution agreement reached after JPMorgan Chase & Co. agreed to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Wall Street swindler Bernard Madoff’s private investment service.
U.S. District Judge Kevin Castel said there was nothing about the deal between the nation’s largest bank and the government that would “require judicial intervention to protect the integrity of the process.” He said it seemed the agreement was “knowing and voluntary” and in the best interests of the public.
The judge’s approval came a day after the deal was announced in Manhattan by federal authorities. The agreement requires the bank to pay the $1.7 billion forfeiture – the largest by a U.S. bank for a Bank Secrecy Act violation – and to acknowledge failures in its protections against money laundering and reform them.
The judge set a January 2016 court date for the government to report whether the bank has complied with the agreement.