JPMorgan Chase & Co.’s $543 million settlement with the trustee for Bernard Madoff’s defunct firm was approved by the judge overseeing its liquidation, ending a case in which thousands of investors accused the bank of turning a blind eye to the U.S.’s biggest Ponzi scheme.
The trustee unwinding Bernard Madoff’s fraud has recovered more than $10 billion for victims five years after the biggest Ponzi scheme collapsed, including $543 million yesterday from Madoff’s bank, JPMorgan Chase & Co.
Bernard Madoff’s investors could lose $3 billion if the liquidator of the con man’s firm doesn’t succeed in overturning a judge’s ruling that dismissed much of his $1 billion claim against the owners of the New York Mets.
The trustee liquidating Bernard Madoff’s former firm asked a U.S. judge not to dismiss civil racketeering claims from a $58.8 billion lawsuit against Bank Medici AG founder Sonja Kohn and UniCredit SpA’s Bank Austria.
Bank of America Corp. and its Countrywide Home Loans unit were accused of racketeering in a lawsuit filed by two Indiana residents claiming that perjured affidavits were used to foreclose on their home.