70
      Sunday
      76 / 65
      Monday
      78 / 63
      Tuesday
      82 / 60

      $210 million settlement ends Madoff lawsuits


      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, 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.


      Several Central New York pension funds were impacted by the settlement.


      Here is the list of the effected funds:


      International Union Of Operating Engineers Local 17 - Long Island

      Bricklayers and Allied Craftworkers Local #2 - Saratoga, Franklin, Essex, Warren, Clinton

      Bricklayers and Allied Craftworkers Local #3 - Hamilton, Fultion, Albany, Columbia, Greene, Schenectady

      Buffalo Laborers 210 - Buffalo

      Building Industry Employers - Statewide

      Building Trade Employers - Statewide

      Central NY Laborers - Central

      Empire State Carpenters - Niagra, Buffalo, Rochester

      International Brotherhood of Electrical Workers 1249 - Syracuse

      International Brotherhood of Electrical Workers 139 - Elmira

      International Brotherhood of Electrical Workers 241- Ithica

      International Brotherhood of Electrical Workers 325 - Binghamton

      International Brotherhood of Electrical Workers 43 - Syracuse, Utica

      International Brotherhood of Electrical Workers 910 - Jefferson, St. Lawrence Essex Lewis Clinton Franklin

      International Union Of Operating Engineers Local 825 - Middletown

      International Union Of Operating Engineers Local 463 - Niagara

      Iron Workers Local 6 - Buffalo

      Iron Workers Local 9 - Niagra

      Laborers Local 103

      Laborers Local 186 - Plattsburgh

      Laborers Local 214 - Oswego

      Laborers Local 73

      NYS Lineman - Statewide

      Plumbers and Steamfitters Local 73 - Oswego, Jefferson St. Lawrence Cayuga Lewis

      Plumbers and Steamfitters Local 112 - Binghampton, Utica , Rome

      Plumbers and Steamfitters Local 267 - Central

      Rochester Laborers - Rochester

      Roofers Local 195 - Syracuse

      SeIU 1199 - Statewide

      SEIU 2000 - Albany, Rochester, Buffalo, Syracuse

      Syracuse Builders Exchange - Syracuse

      United Association of Plumbers & Steamfitters Local 73 - Oswego, Jefferson St. Lawrence Cayuga Lewis

      Upstate NY Bakery Drivers - Syracuse

      Upstate NY Engineers - Albany, Syracuse Rochester

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