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Manhattan, New York, United States (AHN) – A lawyer appointed as a trustee by a New York bankruptcy court filed a $6.4 billion lawsuit Thursday against JPMorgan Chase.

Irving Picard said he filed the case because JPMorgan is the primary banker of Bernard Madoff and must carry some responsibility for the losses of the imprisoned con man’s victims.

Picard maintains JPMorgan continued to be Madoff’s main bank even if there was growing evidence that Madoff was running a large fraud. Picard’s attorney, David Sheehan, said Madoff would not have pulled off with the massive Ponzi scheme without the bank’s complicity.

Picard filed the lawsuit with the U.S. District Court in Manhattan. The $6.4 billion is broken down into $1 billion legal fees and $5.4 billion in damages.

Sheehan said the bank disregarded “clear, documented suspicions” about Madoff, particularly large amounts of cash movement which are indicators of a Ponzi scheme.

JPMorgan denied Sheehan’s accusation. The bank maintained it had no advance knowledge that there was something wrong going on at Madoff’s company. The bank stressed it did not help in any way in the fraud committed by Madoff.

The trustee based his lawsuit on subpoena powers to secure internal bank documents and make depositions with JPMorgan employees.

According to reports that came out in French media, some bank executives have expressed concern about Madoff a few years before his fraudulent operations was exposed in December 2008.

Picard has so far recovered $1.5 billion on behalf of Madoff creditors. Any other money recovered from JPMorgan would be divided among Madoff victims on a pro-rated basis. Picard filed in May 2009 a $7.2 billion claim against Madoff investor Jeffry Picower, who however died in October that year.

Madoff, 72, after he admitted directing the largest Ponzi scheme in history, is serving a 150-yesr sentence in a North Carolina federal prison.

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Top 10 Luxury Home Markets To Watch for Price Increases or Reductions

The Unique Homes Magazine has listed 25 luxury home markets to watch in 2007 in its January issue. According to the Unique Homes report the 25 luxury markets will indicate where the luxury real estate market is heading to. These markets along with features that make them stand out from the rest are worth watching out for.

The following is a brief report on the top 10 luxury home markets to watch for price increases or reductions in 2007.

1. Annapolis, Maryland. The waterfront city located on Chesapeake Bay offers excellent boating and affordable prices compared to Washington’s luxury enclaves. With Washington and Baltimore within reasonable commute, this city is highly desirable.

2. Asheville, North Carolina. An eclectic ambiance and low-key lifestyle attracts people to Asheville which continues to remain one of the hottest places for luxury home buyers.

3. Aspen, Colorado. From a ski enclave this luxury market has grown into a platinum location. With its four-season appeal and restrictive zoning policies, Aspen is still a highly-sought after destination.

4. Atlanta, Georgia. The city offers several new upscale communities, numerous lifestyle amenities, retreats and much sought after waterfront luxury homes.

5. Austin, Texas. A strong real estate market that saw record gains in 2006, the reputable University of Texas, the scenic lakes and the great music attracts buyers to this hill country.

6. Bellevue/Medina, Washington. With prices going up at 28 percent, the market has still not peaked and several upscale neighborhoods are available at a lower price range when compared to other markets.

7. Beverly Hills, California. One of the top ranked luxury markets that is perpetually in demand, Beverly Hills continues to be untarnished and idolized as the Mecca for luxury. Hollywood Hills is currently a hot market for buyers.

8. Idaho. The growing resort markets in the state garner attention for the state that is making its presence felt in the luxury home market.

9. Jupiter, Florida. The boom has arrived here after Tiger Woods’ purchase of a 10-acre estate for $38 m. The market continues to surge on this exclusive island.

10. Manhattan Uptown, downtown, midtown. The luxury market is upbeat with record sales of more than $5 m in 2006 accelerated by Wall Streeters. Co-ops and town houses are favorites among buyers here.

If you are interested in buying or selling a home, condo or any other type of real estate in any of these markets, be sure to seek out the services of a real estate agent to advise you about current local market conditions.