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New York Seeks Approval to Finish Merkin Settlement

New York Attorney General Eric Schneiderman asked a federal judge to let the state go forward with a $410 million settlement with J. Ezra Merkin, using his law enforcement powers to compensate Merkin investors whose money was lost in Bernard Madoff’s Ponzi scheme. Madoff brokerage liquidator Irving Picard, who seeks to collect $500 million from Merkin for people who invested directly with Madoff, is trying to block the deal. Schneiderman has argued that Picard has no claim to the settlement money and lacks power as a bankruptcy trustee to stop the state from enforcing the people’s legal rights.
Read Bloomberg report here.

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