2011-11-09 15:52:46 - A lawsuit was filed by two former investors with Bernard L. Madoff have filed a class action against JP Morgan Chase & Co and other former investors with Bernard L. Madoff should contact the Shareholders Foundation at mail@shareholdersfoundation.com

Two former investors with Bernard L. Madoff filed a lawsuit in the U.S. District Court for the Southern District of New York against JP Morgan Chase & Co. (NYSE: JPM) claiming the bank was complicit in aiding Madoff in orchestrating the $65billion Ponzi scheme.

If you are a former investor with Bernard L. Madoff and suffered a substantial financial loss, you still might have options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiffs allege that JP Morgan had knowing participation in a breach of trust, aided and abetted fraud, aided and abetted a breach of fiduciary duty, aided and abetted conversion and received unjust enrichment. The plaintiffs claim that

JP Morgan was the primary banker of Bernard L. Madoff Investment Securities LLC for more than 20 years and all the money Bernard L. Madoff Investment Securities LLC collected from unwitting investors passed through JP Morgan in an account known as the’703 Account’, where Bernard L. Madoff Investment Securities LLC co-mingled funds from investors.
The plaintiffs say that JP Morgan should have known that Bernard L. Madoff Investment Securities LLC's activities were grossly inconsistent with those of an investment firm through a number of signs of impropriety and that the fund was nothing more than a Ponzi scheme.
Then, so the lawsuit, from 2006 on JP Morgan sold structured investment products related to Bernard L. Madoff Investment Securities LLC feeder funds to its clients, profiting on those transactions as well. In the course of structuring those products, JP Morgan performed due-diligence on BLMIS and became suspicious that the BLMIS was a fraud but did not report its findings, the suit alleges, but did redeem $145 million from Bernard L. Madoff Investment Securities LLC and $276 million from Bernard L. Madoff Investment Securities LLC feeder funds in 2008.

Those who are former investors with Bernard L. Madoff and suffered a substantial financial loss, you still might have options and you should contact the Shareholders Foundation.