UBS, HSBC and JP Morgan face suits over 'willful blindness' on Madoff
Three banks all accused of ignoring warning signs while profiting from the Ponzi scheme
UBS is the latest bank to be sued for failing to act on suspicions relating to the Ponzi fund run by Bernard Madoff. The $2.5 billion suit has been brought by investors in the funds, and the bank joins HSBC and JP Morgan in facing claims by Irving Picard, who is overseeing the liquidation of Madoff’s firms.
It is claimed the banks allowed Madoff’s scheme to continue by ignoring warning signs. In
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