JPMorgan Ducks Madoff Investor Suit In 2nd Circ.

Law360, New York (June 6, 2011, 4:13 PM EDT) -- The Second Circuit on Monday refused to overturn a district court's decision to toss a suit filed against JPMorgan Chase & Co. by an investment company that lost $12.8 million to Bernard L. Madoff's Ponzi scheme.

A three-judge panel affirmed the lower court's decision to dismiss MLSMK Investment Co.'s claims for aiding and abetting breach of fiduciary duty, commercial bad faith and negligence, finding the plaintiff had failed to adequately establish that JPMorgan knew about Madoff's fraud. The appeals court plans to address the plaintiff's claims...
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