JPMorgan Chase (JPM), Barclays (BCS), and Fifth Third (FITB) have been accused of enabling the continuation of fraud by concealing and misrepresenting known evidence, according to a lawsuit by holders of notes issued by Tricolor, which filed for bankruptcy in September 2025.

In a lawsuit filed on Thursday, a group of investment firms allege that the three banks continued to underwrite and sell almost $2 billion in notes to investors despite "obvious signs of fraud" uncovered during audits in 2022 and 2024.

The notes owned by the plaintiffs, amounting to over $230 million, became illiquid after Tricolor's bankruptcy filing, according to the lawsuit.

The plaintiffs, which include One William Street Capital and several Janus Henderson ETFs, aim to recover their losses, per the lawsuit.

The lawsuit was filed in the US District Court, Southern District of New York.

Barclays and Fifth Third declined to comment, while JPMorgan did not immediately reply to a request for comment from MT Newswires.

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