An attempt by investors to recoup losses from their investments in Bernard Madoff’s massive Ponzi scheme by suing JPMorgan Chase under the Racketeer Influenced and Corrupt Organizations Act has been rebuffed by the U.S. Court of Appeals for the Second Circuit.
MLSMK Investment Co., which lost $12.8 million in the scandal, claimed that JPMorgan Chase had suspicions about Mr. Madoff’s activities but failed to freeze his bank accounts because it wanted to continue receiving substantial fees from his market making and banking activity.
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