24/7 Newsfeed

Put Reason 24/7 on Your Site


Follow Reason 24/7 on Twitter and via RSS

Bank of New York Mellon to Pay for Madoff Fraud

A Bank of New York Mellon Corp. unit will pay $210 million to resolve a series of lawsuits by clients who claimed they suffered losses in Bernard Madoff's massive fraud, New York Attorney General Eric Schneiderman said on Tuesday.

The settlement with Ivy Asset Management LLC resolves litigation by the attorney general's office, the U.S. Department of Labor and investors. An additional $9 million will be contributed by other individual defendants in the cases.

Combined with future amounts investors anticipate receiving in the Madoff bankruptcy proceeding, the settlement is expected to return all or nearly all the original investment to those Ivy investors defrauded by Mr. Madoff's Ponzi scheme.

Source: Wall Street Journal. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.