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US suit alleges 12 banks colluded in huge forex market

A dozen banking giants have been sued in New York for allegedly fixing global foreign exchange rates in the latest ripple to accompany government probes of the huge market. The defendants in the class-action lawsuit, which include BNP Paribas and JPMorgan Chase, shared confidential information during private online chat sessions to collude and fix trades on the key WM/Reuters foreign exchange rate, which is set each afternoon in London, according to a complaint filed Monday.

Madoff trustee sees victims' payout nearing $6 billion

By Jonathan Stempel NEW YORK (Reuters) - Former customers of Bernard Madoff will have recouped nearly $6 billion of their money if a federal bankruptcy judge approves the latest payout request by the trustee liquidating the swindler's firm. The trustee, New York lawyer Irving Picard, on Tuesday said he is seeking approval to pay out $349 million to fraud victims with 1,080 accounts, with payments ranging from $496 to $77.3 million.

Correction: BC-US--Madoff Fraud-Trial story

NEW YORK, N.Y. - NEW YORK (AP) — In a story March 24 about the convictions of five former employees for imprisoned financier Bernard Madoff, The Associated Press misspelled the last name of the attorney for defendant Annette Bongiorno. He is Roland Riopelle, not Ripoelle. A corrected version of the story is below: 5 Madoff ex-workers convicted in case's 1st trial 5 ex-employees convicted in first criminal trial to spring from Bernie Madoff's huge fraud By LARRY NEUMEISTER Associated Press

Former Madoff associates found guilty of fraud

By Joseph Ax NEW YORK (Reuters) - Five former aides to investment manager Bernard Madoff were convicted on Monday of charges that they helped their boss conceal his multibillion-dollar Ponzi scheme for years. A federal jury in New York found back-office director Daniel Bonventre, portfolio managers Annette Bongiorno and Joann Crupi, and computer programmers Jerome O'Hara and George Perez guilty on all counts, including securities fraud and conspiracy to defraud clients.

After five months, jurors for Madoff aides find decision easy

By Joseph Ax NEW YORK (Reuters) - When it came down to it, the evidence was simply too overwhelming. That was what several jurors said on Monday after they convicted five former Bernard Madoff associates of helping to conceal his multibillion-dollar Ponzi scheme.

5 ex-employees convicted in first criminal trial to spring from Bernie Madoff's huge fraud

NEW YORK, N.Y. - Five former employees of imprisoned financier Bernard Madoff were convicted Monday at the end of a six-month trial that portrayed them as telling an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars. The trial — one of the longest in the storied history of Manhattan federal court — was the first to result from the massive fraud revealed in December 2008 when Madoff ran out of money and was arrested. He pleaded guilty and is serving a 150-year prison sentence.

Jury finds Madoff employees guilty on all counts

A US jury Monday found five employees of swindler Bernard Madoff guilty of fraud, falsifying records and other offenses that enabled the multi-billion dollar Ponzi scheme. The five, who worked for years in account supervision, computer systems and other operations at Bernard L. Madoff Investment Securities, were convicted on 31 counts. The defendants are Jerome O'Hara, George Perez, Daniel Bonventre, Annette Bongiorno and Joann Crupi. Charges included conspiracy to commit securities fraud, falsifying records of a broker-dealer and conspiracy to defraud the US.

U.S. judge OKs JPMorgan $218 million Madoff class-action settlement

NEW YORK (Reuters) - A federal judge on Friday gave final approval to JPMorgan Chase & Co's <JPM.N> $218 million settlement to resolve class-action litigation accusing the largest U.S. bank of playing a central role in the huge Ponzi scheme of former client Bernard Madoff. 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 customers.

Five months later, jurors face tough task in Madoff aides' trial

By Joseph Ax NEW YORK (Reuters) - Like Bernard Madoff's Ponzi scheme itself, the trial of five of his former aides has been virtually unprecedented in its scope. A federal jury of 12 men and women on Monday began deciding whether the defendants are guilty of aiding in Madoff's massive fraud. And the jurors face a Herculean task.

Summations end in Madoff worker trial; deliberations look likely to start Monday

NEW YORK, N.Y. - Jurors in the first criminal trial stemming from Bernard Madoff's epic fraud were soon to start weighing the charges against five of the fallen financier's ex-employees after summations wrapped up Friday. With a judge embarking on lengthy legal instructions, deliberations looked likely to begin Monday in a case that asks jurors to determine whether the former workers were Madoff's conspirators or his dupes.
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