Bank of New York Mellon Corp.'s Ivy Asset Management agreed to a $210 million settlement with the state of New York to resolve allegations it misled clients that invested with Bernard Madoff, Bloomberg News reported yesterday. Ivy, which reached the agreement with New York Attorney General Eric Schneiderman, was sued by the state in 2010, accused of concealing from investors negative information it learned about Madoff in order to keep collecting fees. Ivy was paid more than $40 million between 1998 and 2008 to give advice and conduct due diligence for clients with large Madoff investments, according to the attorney general’s office. Ivy's clients lost more than $236 million after Madoff's Ponzi scheme collapse, the office said.
