UBS, HSBC and JP Morgan face suits over 'willful blindness' on Madoff

Three banks accused of 'willful blindness' about Madoff


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 suits, Picard has described all three banks as being “wilfully blind” to the Madoff fraud. The most

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