Irving Picard Files Suits Against Big Banks over Madoff Ponzi Scheme

Irving Picard is a busy man this week. As the trustee in the Bernard L. Madoff scandal, Picard is targeting big banks he feels turned a blind-eye to Madoff's Ponzi scheme, or did not use due diligence.

Among the list of banks Picard is going after are: UBS (NYSE: UBS), sued for $2.5 billion, JPMorgan Chase (NYSE: JPM) for $6.4 billion (including damages) and HSBC (NYSE: HBC), for $9 billion according to a Barron's report.

Union Bancaire Privee, a Swiss fund, already paid a $500 million settlement after channelling money to Madoff from clients.

Investors are waiting to see if Picard will go after the SEC, which according to the report, "conducted multiple examinations of Madoff over many years without uncovering any reason to shut down his operation."

Picard has until Saturday to make a decision regarding the SEC.