JPMorgan Investor Suit Tied to Madoff’s Fraud Is Dismissed

From Bloomberg

An investor suit claiming JPMorgan Chase & Co. ignored red flags about Bernard Madoff’s Ponzi scheme and profited from doing business with the con man was dismissed by a federal judge in New York.

The investors waited too long to sue and failed to show that JPMorgan had any control over Madoff’s actions, U.S. District Judge John Koeltl ruled Wednesday.

Investors filed a series of lawsuits against the JPMorgan after the bank paid $1.7 billion to settle government charges that it failed to take proper steps to stop Madoff’s fraud. 

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