March 13, 2019 / 10:38 PM / 6 days ago

Federal judge tosses lawsuit alleging JPMorgan aided workspace Ponzi scheme

A federal judge in Manhattan has dismissed a lawsuit accusing JPMorgan Chase & Co of aiding an alleged fraud by the defunct New York City coworking space company Bar Works, saying victims of the scheme failed to show the bank was even aware of it.

Filed in 2017 by Chinese investors in Bar Works, the lawsuit said JPMorgan missed red flags that should have alerted it that Bar Works was not a legitimate business but was stealing millions of dollars and funneling it to money-laundering “havens.”

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2T6k9UG

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