In a rare bright moment in the long Madoff Ponzi scheme debacle, New York Attorney General Eric Schneiderman has managed to get almost a complete refund for a group of investors including union retirement plans, totaling more than $210 million.
Schneiderman's office announced Tuesday that a settlement had been reached with Ivy Asset Management LLC, a Bank of New York Mellon subsidiary that had advised its clients to invest with Madoff.
The settlement brings to a conclusion a series of lawsuits filed by the AG, the DOL and the private plaintiffs involved. In addition to a $210 million settlement from Ivy, $9 million will also come from other defendants. Schneiderman says the settlement helps to recoup nearly all of the money originally invested.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
