Merkin OKs Receivership For Madoff-Linked Funds

Law360 (May 19, 2009, 12:00 AM EDT) -- J. Ezra Merkin, the disgraced former chairman of GMAC Inc. and close associate of convicted Ponzi scheme artist Bernard L. Madoff, on Tuesday reportedly agreed to relinquish control of his hedge funds and place them in receivership at the behest of New York Attorney General Andrew Cuomo.

The agreement was announced at a hearing in the New York State Supreme Court in Manhattan, according to the Wall Street Journal.

According to a statement from Andrew Levander, an attorney at Dechert LLP representing Merkin, Guidepost Partners LLC...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.