The trustee attempting to recoup money for the companies of convicted Ponzi schemer Tom Petters has sued J.P. Morgan Chase & Co., seeking more than $300 million that the bank and its private-equity arm received from Petters’ purchase of iconic camera company Polaroid Corp, The Wall Street Journal reported Thursday.

In a suit filed Wednesday in federal court in Minnesota, Douglas A. Kelley, the court-appointed receiver for Petters’ companies, alleged that J.P. Morgan and its One Equity Partners unit knew, or should have known, that the funds Petters used to buy Polaroid were fraudulently obtained.

Kelley is seeking the $240 million that One Equity received for its majority stake in Polaroid, which Petters acquired for $426 million. Kelley is also seeking funds J.P. Morgan received for advising on the deal as well as money the bank received from liquidating Petters’ holdings after he was arrested.