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Fox Hunting: J.P. Morgan Chase & Co. Center of Madoff’s Fraud

February 3, 2011

News Alert from The Wall Street Journal:

J.P. Morgan Chase & Co. stood “at the very center” of Bernard Madoff’s fraud, according to a lawsuit unsealed Thursday that reveals for the first time how bank employees’ concerns went unheeded and irregularities in his accounts were overlooked.

The $6.4 billion lawsuit filed by Irving Picard says J.P. Morgan only reported its long-held suspicions of Mr. Madoff to British authorities in late October 2008, less than two months before he surrendered and the fraud was exposed.

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