Madoff trustee loses JPM case

A US judge last night threw out most of a $19.9bn (£12.46bn) lawsuit against JP Morgan Chase and a $2bn case against UBS by the trustee seeking money for victims of epic swindler Bernard Madoff's fraud. The decision is one of the largest setbacks for the trustee, Irving Picard, who has spent nearly three years liquidating Bernard L Madoff Investment Securities LLC. JPMorgan had been Madoff’s main bank for two decades. The decision wipes out about $19bn of Picard’s case against the largest US bank, a person familiar with the matter said.