The trustee seeking money for victims of Bernard Madoff’s Ponzi scheme suffered a big defeat on Thursday as a federal appeals court said he could not pursue billions of dollars of claims against banks accused of aiding in the fraud.
The 2nd U.S. Circuit Court of Appeals in New York said trustee Irving Picard lacked legal standing to pursue a variety of claims against banks on behalf of customers.
Among the banks that Picard sued were JPMorgan Chase & Co, Britain’s HSBC Holdings Plc, Italy’s UniCredit SpA and Switzerland’s UBS AG.
(Reuters)
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