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.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies