BNY Mellon Says It Can't Be Blamed For Fund's Madoff Losses

Law360, New York (February 26, 2013, 6:44 PM EST) -- Investors in a feeder fund for Bernard L. Madoff's Ponzi scheme can't blame the Bank of New York Mellon Corp. for their losses because it only provided administrative services for the investors, the bank's attorney told a New York state judge Tuesday.

BNY Mellon's Jeffrey A. Rosenthal of Cleary Gottlieb Steen & Hamilton LLP said that the bank provided only "back office" functions, like mailing account statements and calculating net asset value based on information submitted by third parties, and Madoff himself was the custodian of...
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