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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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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