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ARTICLE · 18 FEBRUARY 2014

Settlements In Brief – Recently Settled Cases In Regulatory And Criminal Enforcement

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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De Brauw Blackstone Westbroek

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Regulatory and criminal enforcement cases are settled fairly regularly, and we often consider settlements as setting precedents.

NetherlandsFinance and Banking
Marnix Somsen
Marnix Somsen
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Regulatory and criminal enforcement cases are settled fairly regularly, and we often consider settlements as setting precedents. We provide a brief overview of the most important settlements every month. This month, we briefly discuss recent settlements reached with JPMorgan and Alcoa in the US, and with KPMG in the Netherlands.

JP Morgan settlement – message to your compliance programme

JP Morgan agreed to pay USD 2.6 billion to various US federal authorities and plaintiffs in civil cases. It admitted it had violated the Bank Secrecy Act by failing to report suspicious transactions and by not using sufficient compliance systems.

The settlement encompasses USD 1.7 billion to the government, USD 350 million in a related case to the Treasury Department and USD 543 million to various plaintiffs. Allegedly, JPMorgan ignored a number of signs about faulty investments related to the Madoff investment scheme. Madoff is responsible for the biggest Ponzi scheme in

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