JPMorgan Chase 'complicit' in Madoff fraud: Lawsuit

JPMorgan Chase 'complicit' in Madoff fraud: Lawsuit - The Economic Times: "Global financial services firm JPMorgan Chase & Co was 'at the very centre' of and 'complicit' in the USD 50 billion dollar Ponzi scheme masterminded by disgraced investment manager Bernard Madoff , a lawsuit filed in a US bankruptcy court has alleged.

The USD 6.4 billion lawsuit filed by Irving Picard , a court-appointed trustee seeking to recover money for former Madoff clients, alleges that despite being aware of the fraud, the US bank continued to do business with the scamster in the hope of protecting the bank's investments.

Picard also claims the concerns of bank employees were ignored and irregularities in Madoff's accounts were overlooked.

'While numerous financial institutions enabled Madoff's fraud, JPMorgan Chase was at the very centre of that fraud and thoroughly complicit in it,' the complaint filed with the US bankruptcy court in Manhattan said."