Merkin OKs Receivership For Madoff-Linked Funds

Law360, New York (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...
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