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November 15, 2012

Bank of New York Mellon Subsidiary Pays $210 Million Fine for Madoff Ties 
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A subsidiary of Bank of New York Mellon has agreed to pay a $210 million
fine for concealing the fraud of disgraced financier Bernard Madoff.
Prosecutors say Mellon's Ivy Asset Management unit uncovered major
problems with Madoff's business but continued to profit from steering
clients to his investments.

 

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