Madoff Trustee Goes After Banks Before 2nd Circ.

Law360, New York (November 21, 2012, 7:00 PM EST) -- The trustee liquidating Bernard L. Madoff's firm on Wednesday asked the Second Circuit to revive claims against JPMorgan Chase & Co., HSBC Holdings PLC and UBS AG, saying they should be held accountable for help they allegedly gave the Ponzi schemer.

Madoff trustee Irving H. Picard said the three provided services Madoff's Bernard L. Madoff Investment Securities LLC — either holding its money, in the case of JPMorgan, or collecting money from so-called Madoff feeder funds overseas, in the case of the other banks.

“These custodians...
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