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$6.4B Suit Implicates JPMorgan In Madoff Fraud

Law360 (December 2, 2010, 3:54 PM EST) -- The trustee in charge of recovering funds for victims of Bernie Madoff fired off a $6.4 billion suit on Thursday against JPMorgan Chase & Co., claiming the bank played a central role in the decades-long fraud.

Topping a recent salvo of suits in the U.S. Bankruptcy Court for the Southern District of New York, trustee Irving J. Picard accused JPMorgan of enabling the Ponzi scheme while it served as Bernard L. Madoff Investment Securities LLC’s primary banker.

The complaint, filed under seal, seeks roughly $1 billion...
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