Madoff Costs BNY Mellon Unit $219M As Attys Wait On Payday

Law360, New York (March 18, 2013, 4:27 PM EDT) -- A New York federal judge on Friday signed off on a $219 million settlement resolving several lawsuits surrounding a Bank of New York Mellon Corp. unit's role in the Bernard Madoff Ponzi scheme, but put off ruling on a contentious $41 million fee request from attorneys.

The settlement puts to rest a class of investors' claims that New York Attorney General Eric Schneiderman’s office, the U.S. Department of Labor and private investors lodged against Ivy Asset Management LLC. The company, an investment advisory firm owned by...
To view the full article, register now.