A unit of BNY Mellon (BK) will pay $210 million to settle charges that it let clients invest funds with disgraced money manager Bernard Madoff despite its own concerns that Madoff was running a Ponzi scheme.

The settlement, announced Tuesday by New York's attorney general, ends litigation against Ivy Asset Management by the attorney general's office, the U.S. Department of Labor and varied private plaintiffs. Other defendants in the case will pay an additional $9 million as part of the settlement.

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