Madoff Trustee Appeals JPMorgan Suit Dismissal

Dec 8 2011 | 2:21am ET

The court-appointed trustee in the Bernard Madoff Ponzi scheme case has appealed a judge's dismissal of a $19 billion claim against JPMorgan Chase.

U.S. District Judge Colleen McMahon last month junked the suit, ruling that, when dealing with third parties, Irving Picard represents Bernard L. Madoff Investment Securities, and not Madoff's victims. Only the fraudster's victims—his creditors—can sue third parties.

Picard argued that such a reading of the law could seriously restrict the amount he'll be able to recover from the $65 billion fraud—by as much as $40 billion.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…