San Francisco
415-362-0449
Modesto
209-521-8100

Madoff Trustee Barred From Suing Big Banks

The US Court of Appeals for the Second Circuit has upheld a lower court ruling barring Irving Picard, the trustee supervising the dissolution of Bernard Madoff's Ponzi scheme in bankruptcy, from recovering almost $30 million from JP Morgan Chase and other banks he alleges aided Madoff's fraud.  The court sustained the banks' in pari delicto defense (Latin for "in equal fault"), holding that Picard stands in Madoff's shoes and two wrongdoers cannot sue each other for damages related to their conduct.  The court also commented that the victims may sue the banks, but there may be financial and procedural hurdles.

San Francisco
221 Sansome Street, Third Floor
San Francisco, CA 94104

Phone: 415-362-0449
Fax: 415-394-5544
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Modesto
914 Thirteenth Street
Modesto, CA 95354

Phone: 209-521-8100
Fax: 209-236-0172
Map & Directions