$210 million settlement ends Madoff lawsuits
Tue, 13 Nov 2012 19:27:39 GMT —
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