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The Madoff Trustee Wants To Demand $19 Billion From JPMorgan In A 17,500 Word Appeal

Irving Picard, the trustee charged with unwinding the Bernie Madoff estate in the wake of the ponzi schemer’s bankruptcy, is seeking permission to file a 17,500 word complaint in order to be able to demand $19 billion in damages from JPMorgan Chase, Bloomberg reported this morning. JPMorgan was Madoff’s primary banker, and Picard alleges that losses could have been avoided if the bank had picked up on Madoff’s fraud. As the Madoff trustee, Picard is in charge of making former investors whole, and has made similar claims against many other banks in order to do so. Read Business Insider report here.

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