A Bank of New York Mellon Corp. unit will pay $210 million to resolve a series of lawsuits alleging that it concealed doubts about the business operated by convicted Ponzi scheme operator Bernard L. Madoff.
The settlement by Ivy Asset Management LLC, which comes less than a month before th fourth anniversary of Mr. Madoff’s fraud coming to light, marks the latest step toward recovering assets for investors with Mr. Madoff’s firm. It resolves litigation brought by the New York Attorney General’s office, the U.S. Department of Labor and investors. An additional $9 million will be contributed by other individual defendants in the cases.
Madoff Suits Settled With BNY Mellon Unit Madoff Suits Settled With BNY Mellon Unit View Article