Pension Funds Get Cert. In $227M Madoff-Related ERISA Suit

Law360, New York (May 3, 2012, 7:31 PM EDT) -- A New York federal judge on Thursday certified a class of employee benefit plans alleging investment firms J.P. Jeanneret Associates Inc. and Ivy Asset Management LLC breached various fiduciary duties by putting $227 million in pension funds into Bernard L. Madoff's Ponzi plan.

The plaintiffs — trustees of three upstate New York pension funds — represent benefit plans that lost money when they invested assets with Madoff either directly or through “feeder funds” that pooled investor money then invested it with the now-imprisoned Madoff, according to...
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