March 31, 2011
JPMorgan Shouldn’t ‘Escape’ $6.4 Billion Madoff Suit, Trustee Picard Says
"JPMorgan Chase & Co. (JPM) shouldn’t 'escape' a $6.4 billion lawsuit in bankruptcy court by switching the case to district court, the trustee liquidating Bernard Madoff’s collapsed firm said. 'The issue of JPMC’s misconduct belongs before the bankruptcy court as the court most versed in the nuances of the Ponzi scheme and the roles of other, related wrongdoers in that scheme,” Irving Picard, the trustee, said in a filing yesterday in U.S. District Court in Manhattan. “JPMC seeks refuge in this court to escape the scrutiny of the bankruptcy court.' "
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