Merkin To Pay $12.7M To Fund Over Madoff Loss

Law360, New York (September 3, 2010, 4:47 PM EDT) -- An arbitration panel has ordered hedge fund manager J. Ezra Merkin to pay over $12 million to investors in Gabriel Capital LP, a feeder fund that went bust after Ponzi schemer Bernard Madoff's fraud unraveled.

Attorneys for the claimants filed a petition to confirm the arbitration award Thursday in the Supreme Court for the State of New York.

According to the petition, an American Arbitration Association tribunal awarded $2.1 million to Sandalwood Debt Fund A and $10.5 million to Sandalwood Debt Fund B. The panel also...
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