$19 Billion is not chump change even for a behemoth like The Morgue. We wish Madoff's former customers all the best in their efforts to find JP Morgan liable- but we expect this to settle out of court.
(Reuters) - Former customers of Bernard Madoff's massive Ponzi scheme filed a class action lawsuit on Monday seeking to recover $19 billion from JPMorgan Chase & Co, claiming the bank willfully ignored signs of fraud.
JPMorgan was Madoff's bank for two decades. The lawsuit, filed in federal court in Manhattan, claims the bank was "thoroughly complicit" in concealing Madoff's fraud.
The class action lawsuit asserts that even a cursory examination of the finances of Bernard L. Madoff Investment Securities LLC would have revealed that the money was not used to follow an investment strategy but simply flowed between Madoff and his customers.
"JPMC chose to enable Madoff's fraud, not just through the various ways it participated in his activity, but by helping to cover Madoff's naked theft with the imprimatur of a globally recognized financial institution" the lawsuit reads