Madoff Investors Hit JPMorgan With $19B Class Action

Law360, New York (November 7, 2011, 11:58 PM EST) -- JPMorgan Chase & Co. faces a proposed class action by two former Madoff investors seeking to recover $19 billion from the bank for allegedly enabling Madoff’s scheme, according to Monday reports.

The investors claim JPMorgan — Madoff’s bank for 20 years — was complicit in hiding Madoff’s scheme because it ignored evidence showing that money was moving between Madoff and his investors and not to his purported investment schemes, Reuters reported.

Investors Stephen and Leyla Hill claim that even a cursory inspection of Madoff's accounts would...
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