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JPMorgan Settles with Federal Authorities Over Madoff Fraud


The settlement reached by Federal authorities with JPMorgan Chase over the bank’s failure to warn of Bernard Madoff’s Ponzi scheme generated heavy print media coverage this morning, and was briefly mentioned on two network newscasts last night.

The CBS Evening News (1/7, story 9, 0:25, Pelley, 5.58M) reported that the bank agreed to pay $1.7 billion “to avoid criminal prosecution in connection with Bernard Madoff’s Ponzi scheme.” Federal prosecutors “say Chase, Madoff’s main bank, failed to report evidence of his massive fraud. The money will go to Madoff’s investors who lost 18 billion dollars.”

ABC World News (1/7, story 6, 0:25, Sawyer, 7.43M) reported that bank officials “said employees did not knowingly help Madoff scam customers out of billions of dollars.”

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