Federal Judge Dismisses Suit Alleging JPMorgan Ignored Madoff’s Scheme

Bloomberg reported that a federal judge dismissed a suit filed by investors, which alleged that JPMorgan Chase ignored the warning signs of the Bernard Madoff Ponzi scheme and profited from its relationship with Madoff.

U.S. District Judge John Koeltl dismissed the suit because the investors did not file it in a timely fashion and did not prove that Madoff’s actions were controlled by JPMorgan, according to Bloomberg.

Due to Madoff’s fraud, JPMorgan has faced many lawsuits, paid $1.7 billion to settle charges brought by the government and paid $350 million for its failure to report the Ponzi scheme, according to Bloomberg.

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