JPMorgan, Facebook, Rio, Galleon, Taylor Bean in Court News
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JPMorgan Chase & Co. should pay a minimum of $19 billion in damages for its role in Bernard Madoff’s fraud, Irving Picard, the trustee liquidating the con man’s firm, said in a revised lawsuit.
The sum represents Picard’s latest estimate of principal lost by all Madoff investors by the time the Ponzi scheme collapsed in December 2008, according to the complaint filed June 24 in federal court in Manhattan. JPMorgan, Madoff’s primary banker, could have stopped the fraud if it had passed on its suspicions to regulators, he said in his suit.