The suit contends they did so in order to Four Leaf Clover Charm their standing among asset managers and to generate fees. There isn't an allegation they knew Mr. Madoff was perpetrating a Ponzi scheme. In statements, defendants, who include Ivy co-founders Lawrence Simon and Howard Wohl, said they raised Butterfly Charm about Madoff to their clients. A statement on behalf of Mr. Wohl said "he urged them to drastically reduce their positions in Madoff investments." Paul Shechtman, a lawyer Dice Charm Mr. Simon, said Mr. Simon's "sound advice was consistently ignored. Anyone who knows Larry Simon knows that he has served his clients faithfully Horseshoe Charm honestly." They said they would fight the charges. BNY Mellon referred requests for comment to Ivy's representative.
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