Law360, New York (January 12, 2009) -- The chairman of the struggling financial arm of General Motors Corp. has resigned from its board of directors, as he faces a lawsuit taking him to task for investing $1.8 billion of his clients' money in Bernard L. Madoff's alleged $50 billion Ponzi scheme.
On Friday, J. Ezra Merkin resigned as chairman of GMAC Financial Services LLC, which said it was reconstituting its board in order to meet the requirements for a cash infusion...
