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Should JPMorgan Be Back on the Hook for Madoff?

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November 26, 2012 – Comments (0) | RELATED TICKERS: JPM

Reuters notes that the trustee going after money for Madoff victims is hoping to reinstate $30 billion or so in claims against JPMorgan (NYSE: JPM) and other banks. According to Reuters:

"[The trustee's lawyer, Oren Warshavsky,] said the banks' failure to detect that the money manager was running a Ponzi scheme exacerbated the victims' losses."

To be fair, the customers' failure to detect that the money manager was running a Ponzi scheme also exacerbated losses (too soon?). Unless there are some pretty damning internal documents from JPMorgan that suggest they were actively overlooking something, this seems like something that'll be hard to hang on the bank and probably not the kind of thing that investors need to worry about.

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