Wednesday, October 01, 2014

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JPMorgan Chase Denies Complicity In Madoff Ponzi Scheme

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TWC News: JPMorgan Chase Denies Complicity In Madoff Ponzi Scheme
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JPMorgan Chase, the bank where convicted former financier Bernard Madoff kept his clients' money, says it is being falsely accused of complicity in the swindler's Ponzi scheme.

The banking giant is the target of a $6.4 billion lawsuit brought by the trustee representing Madoff's victims.

The suit alleges JPMorgan Chase suspected something was wrong with the Madoff operation for years.

JPMorgan Chase claims it had no legal obligation to figure out whether or not Madoff's investment firm was a fraud.

Further, the bank says the suit should be tossed out of bankruptcy court and heard instead by a jury in a federal district court.

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