Authorities have reached a $210 million settlement with a BNY Mellon subsidiary, Ivy Asset Management, for advising clients to invest with Bernard L. Madoff, whose multibillion-dollar fraud landed him in federal prison, New York’s attorney general, Eric T. Schneiderman, said Tuesday. 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, Mr. Schneiderman said the settlement was expected to return nearly all of the original investments to those who were defrauded, including union pension funds from upstate New York. More in the New York Times here.
