Law360 (June 30, 2021, 9:41 PM EDT) — A Minnesota federal judge tossed a suit accusing JPMorgan Chase & Co. and other financial institutions of failing to curtail Thomas Petters’ $3.7 billion Ponzi scheme, finding Wednesday that the complainants lacked standing to bring the allegations and had failed to state an actionable claim.

U.S. District Judge Donovan W. Frank dismissed with prejudice the latest version of the suit by Ritchie Special Credit Investments Ltd. and two related entities against JPMorgan, JPMorgan Europe Ltd. and advisory firm Richter Consulting Inc. The Eighth Circuit had partially revived the case in June 2020.

Several of the allegations are derivative claims, and trustees from…

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