Bank Subsidiary Settles Over Madoff Steering
Ivy Asset Management to pay $210 million
Bernie Madoff has been sitting in federal prison in Butler, North Carolina since 2009 after pleading guilty to running a Ponzi scheme that cost investors over $17 billion. Years later, the legal mess surrounding the Madoff imbroglio continues.
Today, Ivy Asset Management, a Bank of New York Melon unit, settled with authorities to the tune of $210 million for reportedly steering clients to invest with Bernie Madoff despite internal documents that expressed reservations about Madoff.
The settlement of suits filed by the attorney general, the Labor Department and private plaintiffs also provides for about $9 million in payments by other defendants. Combined with anticipated future payments from Madoff bankruptcy proceedings, [Attorney General] Schneiderman said it is expected to return nearly all of the original investments to those who were defrauded, including union pension funds from upstate New York.
So there’s that.
Daily rate: $2
Monthly rate: $18
Yearly rate: $180
WAIT, WHY DO I HAVE TO PAY TO COMMENT?
Tablet is committed to bringing you the best, smartest, most enlightening and entertaining reporting and writing on Jewish life, all free of charge. We take pride in our community of readers, and are thrilled that you choose to engage with us in a way that is both thoughtful and thought-provoking. But the Internet, for all of its wonders, poses challenges to civilized and constructive discussion, allowing vocal—and, often, anonymous—minorities to drag it down with invective (and worse). Starting today, then, we are asking people who'd like to post comments on the site to pay a nominal fee—less a paywall than a gesture of your own commitment to the cause of great conversation. All proceeds go to helping us bring you the ambitious journalism that brought you here in the first place.
I NEED TO BE HEARD! BUT I DONT WANT TO PAY.
Readers can still interact with us free of charge via Facebook, Twitter, and our other social media channels, or write to us at firstname.lastname@example.org. Each week, we’ll select the best letters and publish them in a new letters to the editor feature on the Scroll.
We hope this new largely symbolic measure will help us create a more pleasant and cultivated environment for all of our readers, and, as always, we thank you deeply for your support.