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 IslandBricklayers and Allied Craftworkers Local #2 - Saratoga, Franklin, Essex, Warren, ClintonBricklayers and Allied Craftworkers Local #3 - Hamilton, Fultion, Albany, Columbia, Greene, SchenectadyBuffalo Laborers 210 - BuffaloBuilding Industry Employers - StatewideBuilding Trade Employers - StatewideCentral NY Laborers - CentralEmpire State Carpenters - Niagra, Buffalo, RochesterInternational Brotherhood of Electrical Workers 1249 - SyracuseInternational Brotherhood of Electrical Workers 139 - ElmiraInternational Brotherhood of Electrical Workers 241- IthicaInternational Brotherhood of Electrical Workers 325 - BinghamtonInternational Brotherhood of Electrical Workers 43 - Syracuse, UticaInternational Brotherhood of Electrical Workers 910 - Jefferson, St. Lawrence Essex Lewis Clinton FranklinInternational Union Of Operating Engineers Local 825 - MiddletownInternational Union Of Operating Engineers Local 463 - NiagaraIron Workers Local 6 - BuffaloIron Workers Local 9 - NiagraLaborers Local 103 Laborers Local 186 - PlattsburghLaborers Local 214 - OswegoLaborers Local 73 NYS Lineman - StatewidePlumbers and Steamfitters Local 73 - Oswego, Jefferson St. Lawrence Cayuga LewisPlumbers and Steamfitters Local 112 - Binghampton, Utica , RomePlumbers and Steamfitters Local 267 - CentralRochester Laborers - RochesterRoofers Local 195 - SyracuseSeIU 1199 - StatewideSEIU 2000 - Albany, Rochester, Buffalo, SyracuseSyracuse Builders Exchange - SyracuseUnited Association of Plumbers & Steamfitters Local 73 - Oswego, Jefferson St. Lawrence Cayuga LewisUpstate NY Bakery Drivers - SyracuseUpstate NY Engineers - Albany, Syracuse Rochester