$21B Slashed From Madoff Trustee's UBS, JPMorgan Claims

Law360, New York (November 1, 2011, 10:29 PM EDT) -- The trustee overseeing the liquidation of imprisoned Ponzi schemer Bernard L. Madoff's investment firm suffered a significant setback Tuesday when a New York federal judge tossed $21 billion in claims against JPMorgan Chase & Co. and UBS AG for lack of standing.

Citing a recent ruling by U.S. District Judge Jed S. Rakoff dismissing similar claims against HSBC Holdings PLC, U.S. District Judge Colleen McMahon said Madoff trustee Irving Picard did not have standing to pursue his common law claims — which include aiding and abetting...
To view the full article, register now.