BNY Mellon Unit Knew About Madoff Fraud: Cuomo

Law360, New York (May 11, 2010, 2:01 PM EDT) -- New York Attorney General Andrew M. Cuomo sued Ivy Asset Management LLC on Tuesday, claiming the Bank of New York Mellon Corp. investment unit misled clients about the risks of investing with Bernard L. Madoff, causing them to lose over $227 million when the historic fraud came to light.

Cuomo lodged the complaint in the Supreme Court of the State of New York, naming former CEO Lawrence Simon and former Chief Investment Officer Howard Wohl for their alleged role in a scheme that supposedly netted the...
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