Legal News

JPMorgan Ordered to Cooperate with Regulators Regarding Madoff Ponzi Scheme
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

JPMorgan Chase has been warned by the Treasury Department’s Inspector General Eric Thorson to cooperate with U.S. regulators who are probing the bank’s relationship with Ponzi king Bernard Madoff. A letter from the Treasury Department sent in December 2012 to JPMorgan has asked the company to provide the Office of the Comptroller of the Currency with documents it has been unable to obtain from JPMorgan until now.

However, JPMorgan has apparently taken the stance that handing over the documents would constitute violation of its attorney-client privileges, though the Treasury Department is rejecting that argument and has asked JPMorgan to inform by January 11, how it is going to resolve the dispute.

Bloomberg News reported that Eric Thorson, the Inspector General of the Treasury observed in the letter to JPMorgan that “The OCC could not do its work and carry out its authority under its examination statute … if that statute was interpreted or operated to bar access to bank records for which a claim of privilege was made.”

  
What
Where


The OCC, which is an independent regulator within the Treasury Department, referred the matter to the Inspector General of the Treasury to determine whether JPMorgan was rightfully blocking OCC’s access to the documents.

JPMorgan spokeswoman Jennifer Zuccarelli said that the confidentiality of the documents are ensured by attorney-client privilege, and while “This dispute does not go to the merits of the matter … it does raise an important issue of principle: whether we and other banks  – large and small alike – have the fundamental right, long recognized in this country, to communicate freely with and seek confidential guidance from their lawyers.”

Zuccarelli confirmed that the company would continue to work with OCC and the Treasury Department to resolve the matter.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Health Industry Advisory Associate Attorney

USA-CA-Los Angeles

Los Angeles office of our client seeks health industry advisory associate attorney with 3-5 years of...

Apply Now

RELEVANT JOBS

Corporate Paralegal

USA-MA-Waltham

The Corporate Paralegal will assist the legal department in many facets of corporate law such as upd...

Apply now

Family Law Associate

USA-NY-New York City

Gorlick, Kravitz & Listhaus, PC. is seeking a general practice associate admitted in NY and NJ ...

Apply now

Office Technology Services Technician

USA-DC-Washington

We are looking for an Office Technology Services Technician to join our team.  Based in our Was...

Apply now

Associate - Mid-Level - GL Group

USA-NY-Valhalla

Defense firm seeking mid-level associate for Westchester office to fill General Liability position. ...

Apply now

SEARCH IN ARCHIVE

To Top