Attorney Irving Picard reached a setback in its 6.8 billion dollar case against JPMorgan. A federal judge ruled that the case could be moved out of bankruptcy court and into a federal district court. Picard has been litigating against banks and investors that he claims enabled Bernie Madoff’s Ponzi scheme. Attorney John Savarese representing JPMorgan says that the case amounts to a “back-door class action suit.”
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