JP Morgan to pay $1.7bn to victims of the Madoff fraud
8 January 2014 Last updated at 00:12 GMT
JP Morgan Chase has agreed to pay $1.7bn (£1bn) to victims of the Bernard Madoff fraud following a settlement with US prosecutors.
The settlement comes after Federal prosecutors accused the bank of ignoring red flags about Madoff's crimes.
"We recognise we could have done a better job," said JP Morgan spokesperson Jennifer Zuccarelli.
The bank has agreed to improve its controls as part of the settlement.
Hugh Pym reports.