JP Morgan Chase is among the defendants sued in a civil lawsuit for allegedly receiving more than $300m from a scheme run by Minnesota businessman Tom Petters that involved the purchase of Polaroid Holding, the Star Tribune of Minneapolis reported.

The trustee for Petters Group Worldwide, in a complaint filed in US District Court in Minneapolis, said the New York bank and others got more than $240m from selling stakes in Polaroid when Petters acquired it. JP Morgan was the majority owner of Polaroid at the time, according to Doug Kelley, tasked by the court with rounding up assets from Petters's $3.8bn fraud.