Judge Again Denies Bid To Dismiss Ivy ERISA Suit

Law360, New York (December 7, 2010, 7:40 PM EST) -- A judge has once again tossed a request by Ivy Asset Management LLC to dismiss claims brought against it by a class of retirement plan investors who say the company negligently invested $227 million of their nest eggs with convicted fraudster Bernard L. Madoff.

Ivy had argued that it could not be sued under Section 10(b) of U.S. Securities law because it was the one that had been defrauded, not its investors. But Judge Leonard Sand of the U.S. District Court for the Southern District of...
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