Attorney General Eric Schneiderman has blasted as unreasonable and "wildly excessive" a $42 million request for legal fees and expenses from plaintiffs lawyers representing investors in a settlement related to Bernard Madoff’s Ponzi scheme run as Bernard L. Madoff Investment Securities LLC.
Schneiderman’s office, the U.S. Labor Department and 13 plaintiffs firms brought separate actions on behalf of investors against Ivy Asset Management, a subsidiary of Bank of New York Mellon, accusing it of advising clients to invest with Madoff in spite of red flags about Madoff’s operations.
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