Cuomo: BNY Mellon unit misled investors on Madoff

05/12/2010 | Bank Investment Consultant

Ivy Asset Management, a unit of Bank of New York Mellon, and two of its executives "deliberately" misled clients about investments tied to convicted Ponzi schemer Bernard L. Madoff, according to a lawsuit filed Tuesday by New York Attorney General Andrew Cuomo. The lawsuit alleges that former CEO Lawrence Simon and former Chief Investment Officer Howard Wohl did not disclose risks so the firm could continue to collect millions in advisory fees. The alleged fraud, according to the lawsuit, cost 76 upstate New York union pension and welfare plans more than $150 million.

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