Madoff trustee sues JPMorgan for $6.4bn

first_img whatsapp Madoff trustee sues JPMorgan for $6.4bn Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Thursday 2 December 2010 8:32 pm Tags: NULL whatsapp THE trustee seeking money for defrauded former clients of Bernard Madoff said he filed a $6.4bn (£4.1bn) lawsuit accusing JPMorgan Chase of aiding the imprisoned Ponzi schemer’s fraud as his main banker yesterday.The lawsuit is the second largest that trustee Irving Picard has filed against former Madoff clients or others he believes assisted in the estimated $65bn Ponzi scheme.JPMorgan, the second-largest US bank, was for more than 20 years the main banker for Bernard L. Madoff Investment Securities, which the trustee is liquidating following its 11 December 2008 collapse. Picard must file “clawback” lawsuits to recover money lost in the fraud by the two-year anniversary of the Madoff firm’s demise. “While many financial institutions enabled Madoff’s fraud, JPMorgan was at the very center of that fraud, and thoroughly complicit in it,” David Sheehan, a lawyer representing the trustee.JPMorgan said it will defend itself against Picard’s lawsuit. “Any suggestion that JPMorgan supported Madoff’s fraud is utterly baseless and demonstrably false,” spokesman Brian Marchiony said. “Contrary to the trustee’s allegations, JPMorgan did not know about or in any way assist in the fraud orchestrated by Bernard Madoff.” KCS-content Sharelast_img