New York News
NYC judge tosses Madoff trustee's $19B bank claim
NEW YORK -- A New York City judge has rejected a $19 billion claim a trustee recovering money for Wall Street swindler Bernard Madoff's investors demanded from JPMorgan Chase, a bank used by the disgraced financier. The ruling also eliminates most of a $2 billion claim against UBS AG.
Federal Judge Colleen McMahon says trustee Irving Picard doesn't have standing.
Picard claimed JPMorgan knew about Madoff's multi-decade fraud and UBS aided and abetted the scheme. A spokeswoman says Picard will appeal and notes Tuesday's ruling didn't determine the merit of allegations of wrongdoing by JPMorgan Chase & Co. and UBS.
Spokeswomen for JPMorgan and USB say their banks are pleased with McMahon's decision.
Madoff pleaded guilty to fraud and is serving a 150-year prison sentence.
new york city, bernie madoff, new york news
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