A federal judge has approved plaintiffs counsel fees in a $219 million settlement related to Bernard Madoff’s Ponzi scheme, rejecting objections by the New York attorney general that the fees were "wildly excessive" but trimming a portion of the request for what she said were unnecessary hours reviewing some documents.
The settlement arises from separate actions brought by Attorney General Eric Schneiderman, the U.S. Labor Department and 13 plaintiffs firms 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 despite serious concerns about his operations. The parties reached a $219 million settlement, in which Ivy would pay most of the funds.
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