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Bank Of New York Mellon Corp's Subsidiary Ivy Asset Management Settles With NY for $210 Million Over Madoff-Reuters

Tuesday, 13 Nov 2012 01:28pm EST 

Reuters reported that Bank Of New York Mellon Corp's subsidiary Ivy Asset Management agreed to pay $210 million to settle lawsuits for advising clients to invest with Ponzi schemer Bernard Madoff, the New York (NY) attorney general said. The New York-based investment adviser withheld damaging information about Madoff to make millions of dollars in fees, New York Attorney General Eric Schneiderman said in a statement. The New York attorney general's office sued Ivy in 2010 for fraud and breach of fiduciary duty. The settlement resolves litigation by the office, the U.S. Department of Labor and investors, Schneiderman said. 

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