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Madoff jailhouse interview used to bolster NY suit

A lawsuit filed against JPMorgan Chase & Co. by two pension funds says the bank “chose to turn a blind eye” to its suspicions about Bernard Madoff for fear of losing lucrative profits.
A lawsuit filed against JPMorgan Chase & Co. by two pension funds says the bank “chose to turn a blind eye” to its suspicions about Bernard Madoff for fear of losing lucrative profits.Hiroko Masuike/Getty Images

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A new lawsuit against JPMorgan Chase & Co. relied on a jailhouse interview with Bernard Madoff to bolster claims that top executives at the nation’s largest bank for many years confronted Madoff about significant concerns in filings with a regulatory agency regarding his private investment business but always backed off because he earned the bank so much money.

In the lawsuit filed Thursday in Manhattan federal court, lawyers for two pension funds quoted Madoff from an in-person interview conducted last fall in Butner, N.C., where Madoff is serving a 150-year prison sentence, as well as telephone interviews conducted with him.

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