NEW YORK (Reuters) - A federal appeals court threw out a lawsuit accusing JPMorgan Chase & Co (JPM.N) of violating U.S. racketeering law by conspiring with Bernard Madoff to further his Ponzi scheme.
I found that humorous when I read it today. I bet the SC will too if they decide to appeal if they even consider taking the case.
The purpose of the RICO statute is "the elimination of the infiltration of organized crime and racketeering into legitimate organizations operating in interstate commerce." S.Rep. No. 617, 91st Cong., 1st Sess. 76 (1969). However, the statute is sufficiently broad to encompass illegal activities relating to any enterprise affecting interstate or foreign commerce.
They were barking up the wrong tree by thinking JPMC was involved in the "enterprise".
And so is Picard.
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