Irving Picard, the court-appointed trustee handling the bankruptcy of Bernard Madoff’s firm, made his latest legal attack against New York Attorney General Eric Schneiderman Wednesday in a battle over a $410 million settlement for victims. Mr. Picard is attempting to block the settlement, one of the largest pots of money recovered for victims. It was reached last summer between Mr. Schneiderman and J. Ezra Merkin, an investment adviser who acted as a feeder to Mr. Madoff. Mr. Picard has argued that the attorney general had no authority to make such a deal in the first place. In a court filing Wednesday, lawyers for Mr. Picard accused the attorney general of giving “special treatment” to Mr. Merkin’s investors “to the detriment of all other customers.” More in the Wall Street Journal here.
