Picard v. JPMorgan Chase & Co.

DENNIS JACOBS, Chief Judge:

Irving Picard (“Picard” or the “Trustee”) sues in his capacity as Trustee under the Securities Investor Protection Act (“SIPA”) on behalf of victims in the multi-billion-dollar Ponzi scheme worked by Bernard Madoff. The four actions presently before this Court allege that numerous major financial institutions aided and abetted the fraud, collecting steep fees while ignoring blatant warning signs. In summary, the complaints allege that, when the Defendants were confronted with evidence of Madoffs illegitimate scheme, their banking fees gave incentive to look away, or…