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JPMorgan Sued by Petters Trustee Over Polaroid Sale Proceeds

JPMorgan Chase & Co., the second-biggest U.S. bank by assets, was accused with others in a lawsuit of getting more than $300 million from a scheme run by Thomas J. Petters that involved buying Polaroid Holding Co.

The trustee for Petters Group Worldwide LLC, in a complaint filed yesterday in federal court in Minnesota, said the New York-based bank and other defendants received more than $240 million from selling their stakes in Polaroid when Petters acquired it. JPMorgan was the majority owner of Polaroid at the time, according to the complaint.