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Judge Throws Out Madoff Trustee Lawsuit Against Banks

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By Kevin Fayle on November 03, 2011 3:44 PM

A federal judge in Manhattan has dismissed the Madoff trustee's lawsuit against JPMorgan Chase and UBS that claimed the banks knew or should have known of Madoff's Ponzi scheme. The judge tossed the lawsuit after finding that the trustee could not bring the suit on behalf of the victims of Madoff's fraud.
Judge Throws Out Madoff Trustee Lawsuit Against Banks