NEW YORK (Reuters) - A federal judge on Friday gave final approval to JPMorgan Chase & Co's
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.
She also awarded $18 million of fees to law firms that represented the customers: Entwistle & Cappucci, and Hagens Berman Sobol Shapiro.
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.
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)