By Tyler Durden
Madoff trustee charges JP Morgan with “Enabling” massive fraud; $1 billion in profits and $5.4 billion in damages sought to be recovered. Says JP Morgan had clear doubts about Madoff operation and should have been more vigilant about firm’s cash flows.
From PRNewswire:
Irving H. Picard, the Trustee for the liquidation for Bernard L. Madoff Investment Securities LLC (“BLMIS”) today announced the filing of a complaint in the United States Bankruptcy Court for the Southern District of New York against JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and J.P. Morgan Securities Ltd. (collectively “JPMC”).
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Related reading:
Bernard Madoff Trustee Sues JP Morgan For $6.4bn
guardian.co.uk (3 Dec 10)
Madoff Investors, Family Sued By Trustee Over Profits
Bloomberg Businessweek (27 Nov 10)