And it'll take $6 billion, in non-consecutive, unmarked bills to make this allegation go away.
The trustee seeking money for victims of Bernard Madoff's Ponzi scheme sued J.P. Morgan Chase & Co. for more than $6 billion, claiming the bank enabled his multibillion-dollar fraud. "J.P. Morgan was willfully blind to the fraud, even after learning about numerous red flags surrounding Madoff," said David J. Sheehan, a lawyer for Mr. Picard, in a statement. "While many financial institutions enabled Madoff's fraud, [J.P. Morgan Chase] was at the very center of that fraud, and thoroughly complicit in it."
J.P. Morgan said any suggestion it supported Mr. Madoff's fraud is "utterly baseless and demonstrably false."