The New York Times
Thu, February 03, 2011 -- 2:22 PM ET
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Trustee's Suit Says JPMorgan Doubted Madoff Long Before Scheme Was Revealed
Senior executives at JPMorgan Chase expressed serious doubts
about the legitimacy of Bernard L. Madoff's investment
business more than 18 months before his Ponzi scheme
collapsed but continued to do business with him, according to
internal bank documents made public in a lawsuit unsealed on
Thursday.
The lawsuit against the bank was filed under seal on Dec. 2
by Irving H. Picard, the bankruptcy trustee gathering assets
for Mr. Madoff's victims. At that time, David J. Sheehan, the
trustee's lawyer, bluntly asserted that Mr. Madoff "would not
have been able to commit this massive Ponzi scheme without
this bank."
But with the case under seal, there was no way to gauge the
documentation on which the trustee based his $6.4 billion in
claims against the bank -- until now.
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