U.S. District Judge Colleen McMahon in Manhattan said the accord
"easily meets the standards" for final approval, and provides
"substantial and immediate" benefits to the swindler's former
She also awarded $18 million of fees to law firms that represented
the customers: Entwistle & Cappucci, and Hagens Berman Sobol
The settlement was part of a $2.24 billion global resolution of
Madoff-related matters by JPMorgan, which was Madoff's main bank for
more than 20 years.
JPMorgan also agreed to pay $1.7 billion to settle civil claims by
the U.S. government, and $325 million to settle claims by Irving
Picard, the trustee liquidating Madoff's firm.
Picard has estimated that Madoff customers lost $17.3 billion of
principal. Madoff is serving a 150-year prison term.
[to top of second column]
The cases are Hill et al v. JPMorgan Chase & Co, U.S. District
Court, Southern District of New York, No. 11-07961; and Shapiro et
al v. JPMorgan Chase & Co et al, U.S. District Court, Southern
District of New York, No. 11-08331.
(Reporting by Jonathan Stempel in New York;
editing by Tom Brown)
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