Ivy agrees Madoff scheme payout

New York investment adviser Ivy Asset Management has agreed to pay $210m (£132m) to settle lawsuits for advising clients to invest in Ponzi schemer Bernard Madoff, the city’s attorney general Eric Schneiderman said yesterday. Ivy, a subsidiary of Bank of New York Mellon, withheld damaging information about Madoff to make millions of dollars in fees, Schneiderman said in a statement. Clients lost more than $236m when Madoff's Ponzi scheme collapsed, the statement said. “Ivy is pleased to have reached an agreement that allows it to put these matters behind it,” Douglas W Squasoni, the company’s chief restructuring officer and chief investment officer, said yesterday in a statement.