According to New York Attorney General Eric Schneiderman, a BNY Mellon (NYSE:BK) unit, Ivy Asset Management LLC, will shell out $210 million in settlement of various lawsuits filed by its clients who suffered losses through Bernard Madoff’s massive Ponzi fraud. “An investment adviser should apprise its clients of risks, but Ivy deliberately concealed negative facts it uncovered in its due diligence of Madoff in order to keep earning millions of dollars in fees. As a result, its clients suffered massive and avoidable losses,” Schneiderman said.
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According to a report in Reuters, BP (NYSE:BP) and AAR, a holding company owned by a group of Soviet-born oligarchs, have agreed to settle the differences and end all legal battles. The report says that BP probably paid $325 million to end opposition by AAR to a deal to sell the joint venture TNK-BP to Russian state-owned oil company Rosneft.
Papa John’s (NASDAQ:PZZA) faces a class-action lawsuit which could involve payment of almost $250 million in damages for sending spam e-mails to customers. The lawsuit involves about 500,000 people which each entitled to potentially receive $500 in damages.
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