BNY Mellon Unit To Pay $210M To End Madoff Investor Suits

Law360, New York (November 13, 2012, 2:38 PM EST) -- Ivy Asset Management LLC has agreed to pay $210 million to end a barrage of government, investor and pension suits claiming the Bank of New York Mellon Corp.-owned investment adviser put profits ahead of clients by hiding glaring concerns about Bernard Madoff's operations, plaintiffs said Tuesday.

Dozens of pension funds — including the Buffalo Laborers’ Security Fund, the Buffalo Laborers’ Welfare Fund and the Buffalo Laborers’ Welfare Staff Fund — will benefit from the proposed settlement, according to court filings in New York federal court....
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