Ivy Asset Mgmt settles with NY for $210 million over Madoff

Herrick Partner Arthur Jakoby was quoted in an article about a settlement reached with Ivy Asset Management which advised clients to invest with Bernard Madoff. Arthur notes that, “investors in Beacon and Andover funds, which were feeder funds for Madoff, will receive about $99 million from the settlement.” The article further describes a second settlement Arthur negotiated with the Madoff Trustee on behalf of the Beacon and Andover Funds which will recover approximately $100 million more for investors.