Bernard Madoff victims who withdrew more money from the con man’s firm than they invested — and were slated for no recovery — asked to be excluded from JPMorgan Chase & Co. (JPM)’s $543 million settlement of lawsuits over the fraud so they can sue the bank on their own. A group of 193 investors said in a filing yesterday in U.S. Bankruptcy Court in Manhattan that the accord between JPMorgan and Irving Picard, the trustee liquidating Madoff’s defunct company, doesn’t cover “net winners.” They asked for court permission to not be part of the settlement. More on Bloomberg here.
