Ivy Can’t Nix ERISA Suit Over $227M Madoff Investment

Law360, New York (September 26, 2011, 5:16 PM EDT) -- A New York federal judge refused Monday to dismiss a pair of complaints against Ivy Asset Management LLC brought by classes of retirement plan investors who say the company negligently invested $227 million of their nest eggs with imprisoned fraudster Bernard L. Madoff.

U.S. District Judge Leonard B. Sand kept most of the claims asserted against Ivy, saying the firm had failed to show that U.S. District Judge Colleen McMahon had erred in denying its original motion to dismiss the suits, which have been consolidated in...
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