November 8, 2011
Bernstein Liebhard LLP today announced that it is investigating claims, including breach of fiduciary duty, conversion, and aiding and abetting fraud, against various J.P. Morgan-related entities, including JPMorgan Chase & Co., and JP Morgan Chase Bank, N.A. (collectively, “JP Morgan”), concerning their possible complicity in the infamous fraud of Bernard Madoff (“Madoff”) through his business, Bernard L. Madoff Securities LLC (“BMIS”).
JP Morgan was Madoff’s and BMIS’s primary banker for over 20 years. All of the money stolen from Madoff’s victims passed through an account at JP Morgan – the “703 account” – where Madoff co-mingled investors’ funds. Bernstein Liebhard is investigating allegations that JP Morgan ignored numerous warnings and red flags that should have alerted it that BMIS’s activities were inconsistent with those of a legitimate investment firm.
Last week, the Honorable Colleen McMahon of the United States District Court for the Southern District of New York, dismissed claims against JP Morgan filed by Irving Picard, the trustee appointed to represent the victims of Madoff, holding that the trustee did not have standing to assert the claims because the claims belong exclusively to the victims of Madoff – BMIS’s customers.
If you invested in BMIS and lost money as a result of your investments with Madoff, your rights may be affected. If you are interested in discussing your rights or have information relating to the matter, please contact Jeffrey M. Haber (Haber@bernlieb.com) or Stephanie M. Beige (Beige@bernlieb.com) by email or by telephone at 877-779-1414.
Bernstein Liebhard has been representing victims of Madoff’s fraud since the now well-known Ponzi scheme was revealed in December 2008. The firm serves as lead counsel in the Securities Actions in the consolidated actions captioned, In re Tremont Securities Law, State Law and Insurance Litigation No. 08-CV-11117 (TPG) (S.D.N.Y.), representing investors in the Rye Select and Tremont investment funds, which were “feeder funds” into BMIS. On August 8, 2011, the Honorable Thomas P. Griesa of the United States District Court for the Southern District of New York approved a settlement of this action in excess of $100 million.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.
