: "The trustee managing the liquidation of convicted Ponzi conman Bernard Madoff
’s business said Tuesday that he estimated more than 1,000 lawsuits have been filed in 30 countries seeking the return of $100 billion for investors who were wronged by the fraud.In addition to lawsuits against individual investors who got out more than they paid in to Madoff’s scheme, Irving Picard, the trustee is going after feeder funds and institutions like JPMorgan, claiming they should have known about the fraud.
The lawsuit against JPMorgan is seeking $4.5 billion. The bank has said it did nothing wrong.
Madoff even gave a jailhouse interview claiming banks were complicit in his scheme."
