Madoff Trustee, Arbitration Ruling, Tax Evasion: Compliance

Banks including JPMorgan Chase & Co. and HSBC Holdings Plc can’t be sued by the Bernard Madoff firm’s liquidator for $30 billion, an appeals court ruled.

Madoff trustee Irving Picard had appealed lower court rulings that barred him from demanding damages from banks that allegedly ignored Madoff’s fraud for the sake of fees. Federal district judges Colleen McMahon and Jed Rakoff, both in Manhattan, had said Picard can’t accuse the banks of fraud because he’s the trustee for a fraudulent enterprise, citing a legal principal called in pari delicto.