ALBANY – Officials and private attorneys have reached a $210 million settlement with Ivy Asset Management, a BNY Mellon subsidiary that advised clients to invest with Wall Street multibillion-dollar swindler Bernard Madoff.
The settlement of lawsuits filed by the New York attorney general, the U.S. Labor Department and private plaintiffs also provides for about $9 million in payments by other defendants. Combined with anticipated future payments from Madoff bankruptcy proceedings, New York Attorney General Eric Schneiderman said it is expected to return nearly all of the original investments to those who were defrauded, including union pension funds from upstate New York.
