Madoff Trustee: JPMorgan Owes $19B

Irving Picard, the man tasked with seeking damages for the victims of Bernard Madoff’s massive Ponzi scheme, has filed a claim for $19 billion in damages from JPMorgan, Madoff’s former bank. The $19 billion figure is triple the number Picard previously sought, and the amended complaint also includes a jury demand. These damages are in addition to the $1 billion sought in fraudulent transfers and equitable claims. In the complaint, Picard called the bank “thoroughly complicit” in Madoff’s Ponzi scheme. JPMorgan has not commented yet.