Bernard Madoff lawsuits end with $210M settlement
Bernard Madoff victims will get $210 million in a settlement reached by the bank BNY Mellon. The settlement is expected to mark the end of lawsuits stemming from the Bernard Madoff scandal and return nearly all of the original investments to those who were defrauded.
Bernard Madoff enters the Manhattan federal courthouse in New York in this 2009 file photo. A $210 million settlement from a BNY Mellon subsidiary that encouraged clients to invest with Madoff is expected to end lawsuits from those who were defrauded by Madoff, according to New York's Attorney General.
Shannon Stapleton/Reuters/File
Albany, N.Y.
New York's attorney general says authorities have accepted $210 million to settle lawsuits against a BNY Mellon subsidiary for advising clients to invest with Bernard Madoff.
Madoff's Ponzi scheme sent him to federal prison.
The suits were filed by Attorney General Eric Schneiderman (SHNEYE'-dur-muhn), the U.S. Labor Department and private plaintiffs against Ivy Asset Management. The deal also provides for about $9 million in payments by other defendants.
Schneiderman says Tuesday's settlement, combined with anticipated settlements from Madoff bankruptcy proceedings, is expected to return nearly all of the original investments to those who were defrauded.
Between 1998 and 2008, authorities say Ivy was paid more than $40 million to give advice and conduct due diligence for clients with large Madoff investments.
BNY Mellon did not immediately reply to a request for comment.