Irving Picard extracted $325 million from JPMorgan Chase at its most vulnerable, but has no intention of sharing any of it with the people who actually made money from Bernie Madoff’s little charade. And, “winners” that they are, those investors won’t be taking “diddly squat” for an answer, at least not from their buddy Irv.
Investors who say they came out of Bernard Madoff’s Ponzi scheme “net winners” have signaled they intend to continue pursuing J.P. Morgan Chase & Co. despite a proposed $543 million settlement of suits over the bank’s alleged role in the fraud.
Papers filed in federal court and bankruptcy court in New York list 193 Madoff investors who are opting out of settlements that are part of the $2.6 billion the bank has agreed to pay for failing to catch and expose Mr. Madoff’s scheme….
Settlement documents say the deal with J.P. Morgan is being cut on behalf of “net losers,” people who lost money in Madoff’s phony investing scheme. However, “net winners” say they also suffered due to the Madoff scheme, and deserve to continue to try to collect damages.