Adviser to Madoff clients in $210m payout
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Wednesday 14 November 2012
Ivy Asset Management, an arm of Bank of New York Mellon, has agreed to pay $210m (£132m) to settle cases by clients who claimed to have suffered losses by investing in Bernard Madoff's collapsed Ponzi scheme.
Ivy made millions in fees by deliberately holding back damaging information about the Madoff operation, according to the New York attorney general, Eric Schneiderman. He added that the unit had earned over $40m between 1998 and 2008 to give advice and conduct due diligence for clients that had large Madoff investments.
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