Madoff investors sue JPMorgan for $19 billion

Two investors who lost their money to Bernard Madoff are suing JPMorgan Chase for $19 billion, accusing the firm of aiding and abetting the Ponzi schemer.

Stephen and Leyla Hill filed suit Monday in federal district court in New York. The suit accuses JPMorgan (JPM, Fortune 500), which was Madoff's banker for more than 20 years, of knowing about the ponzi scheme.

"JPMorgan was, in effect, the banking back-office for the Madoff Ponzi scheme, shuffling piles of money from one account to another at Madoff's request," said Steve Berman of Hagens Berman, in a prepared statement. "Had JPMorgan done even a perfunctory job of due diligence and fulfilled its duty to report Madoff's illegalities, it would have saved investors millions of dollars."

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- Posted: 2011-11-08 14:44:32

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