Lowey Dannenberg Cohen & Hart, P.C. Commences Class Action Lawsuit on Behalf of Income-Plus Investment Fund Investors

WHITE PLAINS, N.Y.--(Business Wire)--
Lowey Dannenberg Cohen & Hart, P.C. filed a class action lawsuit in the United
States District Court, Southern District of New York, against defendants J.P.
Jeanneret Associates, Inc. ("Jeanneret Associates"), John P. Jeanneret ("Dr.
Jeanneret"), Paul L. Perry ("Perry") (collectively, "Jeanneret"), Ivy Asset
Management Corporation ("Ivy"), Bank of New York Mellon Corporation ("Bank of
New York"), and Margolin, Winer & Evens LLP ( "Margolin", collectively, the
"Defendants"), on behalf of all persons, other than Defendants, who invested in
Income-Plus Investment Fund ("Income-Plus"), from January 1, 1999 to the present
(the "Class Period"), to recover damages caused by Defendants` violations of the
federal securities laws and common law claims, including breach of fiduciary
duties.

The case name is styled Local 73 Annuity Fund, et al. v. J.P. Jeanneret
Associates, Inc., et al. A copy of the complaint filed in this action is
available from the Court, or can be viewed on the Lowey Dannenberg Cohen & Hart,
P.C. website at www.lowey.com.

This Complaint alleges that during the Class Period, unbeknownst to Income-Plus
Investors, Defendants failed to perform the necessary due diligence that they
were being compensated to perform as investment advisors, managers and
fiduciaries, and proximately caused millions of dollars in losses by placing the
Plaintiffs` investment assets of Income-Plus in entities managed by Bernard
Madoff ("Madoff"). Defendants either knew or were reckless in not realizing that
the Income-Plus Investment Fund`s assets that were placed with Madoff were at
risk because his enterprise was a massive Ponzi scheme. Defendants ignored
numerous red flags, including the abnormally high and stable positive investment
results reportedly achieved by Madoff regardless of market conditions;
inconsistencies between Bernard L. Madoff Investment Securities, LLC`s ("BMIS")
publicly available financial information concerning its assets and the purported
amounts that Madoff managed for clients; and the fact that BMIS was audited by a
small, obscure accounting firm.

Jeanneret issued an Offering Memorandum for Income-Plus Investment Fund that was
false and misleading because it falsely stated that Jeanneret would conduct
thorough due diligence with respect to Income-Plus` investments. Plaintiffs
allege that Defendants Jeanneret, Ivy, and Ivy`s parent company, Bank of New
York, failed to perform the represented due diligence and oversight, and
abdicated their fiduciary duties to the investors by entrusting the Plaintiffs`
assets with Madoff. Plaintiffs further allege that Defendant Margolin
negligently failed to conduct a proper audit of Income-Plus` financial
statements.

Plaintiffs have alleged claims on behalf of the Class for violations of Sections
10(b) and 20(a) of the Exchange Act, Rule 10b-5, as well as breach of fiduciary
duty, negligence and breach of contract.

If you invested in Income-Plus Investment Fund during the Class Period, you may
request that the Court appoint you as lead plaintiff by June 17, 2009.

A "lead plaintiff" is a representative party that acts on behalf of other class
members in directing the litigation. In order to be appointed lead plaintiff,
the Court must determine that the class member`s claim is typical of the claims
of other class members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may together serve
as lead plaintiffs. Your ability to share in any recovery, however, is not
affected by your decision on whether or not to serve as a lead plaintiff. You
may retain Lowey Dannenberg Cohen & Hart, or other counsel of your choice, to
serve as your counsel in this action.

Lowey Dannenberg Cohen & Hart has extensive experience in the prosecution of
securities class actions in state and federal trial and appellate courts across
the country. The firm has accomplished attorneys in various practice areas with
offices in New York and Pennsylvania. The reputation and expertise of this firm
in shareholder and other class litigation has been repeatedly recognized by the
courts, which have appointed it to major positions in complex securities
multi-district and consolidated litigation. Please visit the Lowey Dannenberg
Cohen & Hart website (www.lowey.com) for more information about the firm.

If you wish to discuss this matter with us, or have any questions concerning
your rights and interests with regard to this matter, please contact:

Barbara Hart (BH - 3231)

Thomas M. Skelton (TS - 7908)

Vincent Briganti (VB - 1497)

Lowey Dannenberg Cohen & Hart, P.C.

White Plains Plaza One North Broadway White Plains, NY 10601-2310 Phone Number:
(914) 997-0500

Email: Bhart@lowey.com

Tskelton@lowey.com

Vbriganti@lowey.com

Website: www.lowey.com

Lowey Dannenberg Cohen & Hart, P.C.
914-997-0500
Barbara Hart (BH - 3231)
Thomas M. Skelton (TS - 7908)
Vincent Briganti (VB - 1497)
Bhart@lowey.com
Tskelton@lowey.com
Vbriganti@lowey.com
www.lowey.com

Copyright Business Wire 2009