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

Three banks accused of 'willful blindness' about Madoff

see-no-evil

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: