JP MORGAN FORFEITURE SETTLEMENT
Statement from Special Master Richard C. Breeden
January 7, 2014
Earlier today the U.S. Attorney for the Southern District of New York announced a settlement of criminal charges against JPMorgan Chase Bank, N.A. relating to the bank's nearly 20 year period as banker for Madoff Securities. We are delighted to advise Madoff victims that the U.S. Attorney's recovery will result in a civil forfeiture of $1.7 billion which will be contributed to the Madoff Victim Fund. Therefore, upon completion of this settlement the MVF will have $4.05 billion in resources available to it.
Special Master Richard C. Breeden said "We are thrilled with this success of U.S. Attorney Preet Bharara and his team at the Southern District of New York, as well as the FBI, FinCEN and other government agencies. This civil forfeiture of $1.7 billion is the second largest in history. It will increase MVF's resources for helping Madoff's victims by more than 72%, bringing the total to over $4 billion. That will directly and materially increase the recoveries we can pay to victims.
This settlement won't erase the trauma experienced by thousands of Madoff victims, especially the large majority of victims who have yet to receive any financial recovery. However, thousands of individuals the world over who were victims of these crimes will enjoy a much larger recovery due to the hard work of all the people that produced this historic result."