JPMorgan ignored suspicions about Madoff: lawsuit

Reuters reports:

JPMorgan Chase & Co executives stood by silently as their client Bernard Madoff ran his epic Ponzi scheme, hoping to protect the bank's investments and continue doing business with him, a newly released $6.4 billion lawsuit claims.

Irving Picard, a court-appointed trustee seeking to recover money for former Madoff clients, made the accusation in his complaint against the second-largest U.S. bank, an edited version of which was made public on Thursday.

"While numerous financial institutions enabled Madoff's fraud, JPMorgan Chase was at the very center of that fraud, and thoroughly complicit in it," the complaint filed with the U.S. bankruptcy court in Manhattan said.

Imagine that.