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JPMorgan Chase will pay a $350 million penalty to the U.S. Office of the Comptroller of the Currency, according to sources, in addition to a $1.7 billion forfeiture to settle charges it failed to flag suspicious activity by convicted Ponzi schemer Bernard Madoff.
Separately, the bank also struck an accord with Irving Picard, the trustee appointed to recover lost money for Madoff's victims, for $543 million. In 2010, Picard had pursued JPMorgan in court for $6 billion, but had a difficult time trying to prove his claims before a judge.
The bank's deal with officials includes a two-year deferred prosecution agreement and settles outstanding probes by two bank regulators into failures in JPMorgan's anti-money laundering policies. The bank agreed to improve its controls.
"We recognize we could have done a better job pulling together various pieces of information and concerns about Madoff from different parts of the bank over time," JPMorgan said in a statement on Tuesday, saying it had raised concerns in the U.K. in late 2008, but not in the U.S.
(Read more: ARogues Gallery of Financial Crime)
"We do not believe that any JPMorgan Chase employee knowingly assisted Madoff's Ponzi scheme," the bank said, adding that "Madoff's scheme was an unprecedented and widespread fraud that deceived thousands, including us, and caused many people to suffer substantial losses."
All told, Picard has collected $9.5 billion—a bit more than half of the money lost by victims of the Madoff scandal.
Bank regulators were set to appear at a 1:15 p.m. ET press conference that is being held by U.S. Attorney Preet Bharara in New York, according to an announcement Tuesday.
--By Reuters, with CNBC.com