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. 

|
Shannon Stapleton/Reuters/File
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.

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.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
What is the Monitor difference? Tackling the tough headlines – with humanity. Listening to sources – with respect. Seeing the story that others are missing by reporting what so often gets overlooked: the values that connect us. That’s Monitor reporting – news that changes how you see the world.

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

QR Code to Bernard Madoff lawsuits end with $210M settlement
Read this article in
https://www.csmonitor.com/Business/Latest-News-Wires/2012/1113/Bernard-Madoff-lawsuits-end-with-210M-settlement
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe