Monday, December 06, 2010

More Bernie Madoff!!

Some people are determined to recover their money.

The trustee liquidating Bernard Madoff’s former investment firm sued JPMorgan Chase & Co. for $6.4 billion over claims the bank aided and abetted the imprisoned con man’s fraud.

“JPMorgan was willfully blind to the fraud, even after learning about numerous red flags surrounding Madoff,” David J. Sheehan, counsel to Picard, said in the statement. “JPMC was at the very center of that fraud, and thoroughly complicit in it.

HSBC is also named in another action.

HT: Ticker

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