New York sues money manager in Madoff scandal

By ASSOCIATED PRESS
May 11, 2010 20:09

 
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NEW YORK — New York's attorney general sued a hedge fund management firm and two of its former executives Tuesday, claiming they discovered a decade ago that Bernard Madoff wasn't being truthful about his investment methods, but kept their suspicions quiet.

Ivy Asset Management customers, which included several union pension funds, wound up losing $227 million when the scheme collapsed, according to the suit.

Attorney General Andrew Cuomo said the firm and its former principals, CEO Lawrence Simon and CIO Howard Wohl, had a duty to tell clients that they were concerned about Madoff.

The suit claims they stayed silent because pulling their clients money would cost them millions of dollars in management fees.

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