ALBANY, N.Y. (AP) — Authorities have reached a $210 million settlement with BNY Mellon subsidiary Ivy Asset Management for advising clients to invest with Wall Street swindler Bernard Madoff.
The settlement of lawsuits filed by New York Attorney General Eric Schneiderman, U.S. 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, Schneiderman says it should return nearly all of the original investments to those who were defrauded, including 78 union pension funds from upstate New York.
An Ivy spokesman says the firm is pleased to have reached an agreement that puts those matters behind it.
Authorities have said Madoff's Ponzi scheme cost investors an estimated $17.3 billion.