New York Attorney General Andrew Cuomo has claimed in a
lawsuit that internal e-mails reveal Ivy Asset Management and
its co-principals deliberately misled clients about their
exposure to Bernard Madoff in its funds.
Years of exposure to Madoff cost Ivy investors more than
$227 million and drained New York pension and welfare funds,
said Cuomo. The lawsuit was filed last month against Ivy, its
former chief executive officer, Lawrence Simon, and its former
chief investment officer, Howard Wohl, for misleading clients
about investments tied to Madoff. The suit alleges that Ivy and
the principals kept their clients in the dark...