JPMorgan to Pay $1.7 Billion Settlement Over Role in Madoff Case

JPMorgan Chase has officially settled with federal authorities over criminal charges that the bank ignored warning signs of Bernard Madoff's $65 billion Ponzi scheme. The bank will pay $1.7 billion to settle the claims, which authorities say is the largest bank forfeiture in history -- and the largest penalty by the Department of Justice for a Bank Secrecy Act violation. As part of the agreement, JPMorgan acknowledges its wrongdoing and must reform its anti-money laundering policies. In exchange, criminal charges against the bank will be deferred for two years.

Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.