Money manager Ezra Merkin has been hit with a new lawsuit over his secretly steering client money to Ponzi schemer Bernard Madoff. Keren Matana, an Israeli charity, sued to recover $1.5 million it lost by investing in the Ascot Fund, an offshore hedge fund managed by Merkin that fed money to Madoff. The charity is also seeking $5 million in punitive damages. Merkin agreed last year to a settlement of $405 million for investors in his hedge funds whose assets went to Madoff, ending a lawsuit brought by the New York attorney general’s office. More on Reuters here.
