An investment fund in New York has agreed to pay $US210 million to settle claims by investors to whom it recommended the fraudster Bernie Madoff.
Plaintiffs said they lost more than $US236 million after Ivy Asset Management, part of Bank of New York Mellon, advised them to invest in Madoff's Ponzi scheme.
As a feeder fund, Ivy collected $US40 million in commissions for this advice.
Madoff is serving a prison sentence of 150 years after he was convicted in 2009 of operating the biggest fraud in history.
Investors lost more than $US17 billion, of which 58% has been recovered.