Irving Picard, the court-appointed trustee for Bernard Madoff’s bogus investment firm, has gone after the most trusted big bank in the nation, JPMorgan Chase & Co., in a massive lawsuit that seeks more than $6 billion. Picard filed a sealed complaint against JPMorgan Chase & Co. in Manhattan’s federal bankruptcy court over the bank’s role as Bernard L. Madoff Investment Securities’ primary banker. In a press release Picard claims JPMorgan aided and abetted the massive Ponzi scheme and that the bank should cough up the $1 billion in fees and profits it earned in connection with its Madoff business. In addition, Picard seeks $5.4 billion in damages.
Madoff trustee sues JPMorgan Chase for $6.4 billion
Most Popular Articles
Latest Articles
Indiana senator explains his inquiries into reverse mortgages
Sen. Mike Braun offered insights into his recent letter to Ginnie Mae and the potential need for more scrutiny of the HECM and HMBS programs.