Judge Tosses $20 Billion in Madoff Claims

In her order Tuesday, U.S. District Judge Colleen McMahon ruled that Mr. Picard lacks legal standing to bring so-called common-law claims, including allegations of aiding and abetting fraud and breach of fiduciary duty, in separate lawsuits against J.P. Morgan and UBS. A representative for Mr. Picard said he would appeal.The ruling eliminated most of the $20 billion Mr. Picard had been seeking from J.P. Morgan, leaving only $425 million. It left intact $1 billion out of $2 billion in claims he had made against UBS.

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