$19 Billion Lawsuit Against JPMorgan
Stephen and Leyla Hill filed a lawsuit against JPMorgan for $19 billion on Monday. The suit, filed in the federal district court case in New York, accuses JPMorgan of knowing about the ponzi scheme of Bernard Madoff. Accused of aiding and abetting the Madoff ponzi scheme, the two-decade bankers for JPMorgan suggested that the lawsuit was doomed, according to spokesperson Jennifer Zucarelli.
JPMorgan, a fortune 500 company, has been accused of being the banking back office for the Ponzi scheme, “shuffling piles of money from one account to another at Madoff's request” says Steve Berman of Hagens Berman.
In case you don't remember, Madoff was arrested in 2008. In 2009, he pleaded guilty to running the largest pyramid-style-scam in history. He currently sits in a federal prison in North Carolina waiting to serve his 150-year sentence.
Berman said that JPMorgan “profited handsomely” from the relationship with Madoff for over 20 years. Moreover, if JPMorgan would have done its “job of due diligence and fulfilled its duty to report Madoff's illegalities, it would have saved investors millions of dollars.”