This class-action lawsuit was filed on behalf of all investors who had funds invested in Bernard L. Madoff Investment Securities LLC (“BLMIS”) as of December 12, 2008 and suffered damages.

The complaint alleges that JP Morgan, acting as Madoff’s primary banker for more than 20 years, had knowledge of red flags pointing to the Ponzi scheme and, instead of alerting the authorities or looking into accounting irregularities, chose to profit from Madoff’s fraud. In addition, the complaint alleges that JP Morgan lent legitimacy and cover to Madoff’s operations as it collected hundreds of millions of dollars in fees and profits, thereby facilitating the largest financial fraud in history.

The suit, in the U.S. District Court for the Southern District of New York, was brought after similar claims by the BLMIS Trustee were dismissed. The Court ruled that the claims filed by Trustee Irving Picard lacked standing, holding that those claims instead belonged exclusively to the victims of Madoff’s fraud.