JPMorgan Chase & Co officials will not be penalized as part of a settlement the bank is negotiating with federal authorities to resolve suspicions that it ignored signs of Bernard Madoff's Ponzi scheme, the Wall Street Journal reported, citing people close to the talks.

JPMorgan is nearing a $2 billion settlement with the Justice Department, media reports said on Monday. All fines will be paid by the company as opposed to individuals, the Journal said. ()

JPMorgan was not immediately available for comment by Reuters outside regular U.S. business hours.

Madoff was convicted in 2009 of defrauding thousands of investors and is serving a 150-year prison sentence. JPMorgan has been accused of ignoring warning signs that Madoff's business was a fraud, often to win more fees and commissions for services they provided.