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Ivy Asset Management’s appeals court victory in a case involving Bernard L. Madoff’s notorious Ponzi scheme won’t be reviewed by the U.S. Supreme Court ( Trs. of N.Y. Eng’rs Fund v. Ivy Asset Mgmt., U.S., No. 16-1377, cert. denied 6/19/17 ).
The high court on June 19 declined to hear a case asking whether standing under the Employee Retirement Income Security Act can be determined using “hindsight.” In 2016, a federal appeals court blocked a union pension fund from suing Ivy for steering the pension fund toward an investment with Madoff. The pension fund earned nearly $33 million off the Madoff investment and therefore suffered no injury that would establish standing under ERISA, the Second Circuit said.
The pension fund appealed the ruling to the Supreme Court, arguing that ERISA standing shouldn’t be determined based on hindsight. In declining to hear the pension fund’s appeal, the Supreme Court allowed the decision favoring Ivy to stand.
Ivy has been accused by multiple parties of investing clients’ money with Madoff despite harboring doubts about his investment strategy. In 2012, Ivy and its principals reached a $210 million settlement with the Department of Labor over the accusations.
The petition for Supreme Court review was filed by O’Donoghue & O’Donoghue LLP and Emory Law School Supreme Court Advocacy Program.
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