Clients of J. Ezra Merkin, a prominent Wall Street hedge fund manager who invested his clients’ money in Bernard L. Madoff’s epic Ponzi scheme, will recover more than $400 million under a civil settlement negotiated by the New York State attorney general’s office. The deal, the first settlement of a government action against Mr. Merkin, was approved by a New York State judge late on Friday, according to the office of Attorney General Eric T. Schneiderman. The agreement, which is also one of the largest settlements by an individual investor in the extensive Madoff case, is expected to be publicly announced on Monday. Read New York Times report here.
