In a rare bright moment in the long Madoff Ponzi scheme debacle, New York Attorney General Eric Schneiderman has managed to get almost a complete refund for a group of investors including union retirement plans, totaling more than $210 million.
Schneiderman's office announced Tuesday that a settlement had been reached with Ivy Asset Management LLC, a Bank of New York Mellon subsidiary that had advised its clients to invest with Madoff.
The settlement brings to a conclusion a series of lawsuits filed by the AG, the DOL and the private plaintiffs involved. In addition to a $210 million settlement from Ivy, $9 million will also come from other defendants. Schneiderman says the settlement helps to recoup nearly all of the money originally invested.
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