Federal Judge Colleen McMahon says trustee Irving Picard doesn't have standing.
Picard claimed JPMorgan knew about Madoff's multi-decade fraud and UBS aided and abetted the scheme. A spokeswoman says Picard will appeal and notes Tuesday's ruling didn't determine the merit of allegations of wrongdoing by JPMorgan Chase & Co. and UBS.
Spokeswomen for JPMorgan and USB say their banks are pleased with McMahon's decision.
Madoff pleaded guilty to fraud and is serving a 150-year prison sentence.
