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This argument was previously tested in another case against JPMorgan chase related to the Madoff affair, where MLSMK Investments Company sued JPMorgan. In July, Judge Barbara Jones of New York's Southern District ruled that "while it may be true that defendants could have connected the dots to determine Madoff committed fraud, the plaintiffs offered no facts to support the claim that they (JPM) actually reached a conclusion."
"So, you can have all these red flags, but just because they could have connected the dots, [plaintiffs] need to show facts to support that they actually reached that conclusion," said Tew.
Finally, Tew added that Ponzi schemes bring about lawsuits with plaintiffs saying that banks should police the financial environment, but in his view, "you cannot have banks being watch dogs and questioning every transaction."
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