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Merkin's Madoff Feeder Fund Faces Another Suit

Law360 (December 17, 2010, 7:37 PM EST) -- ACG Investment Partners LP has sued Ascot Capital Group and its founder J. Ezra Merkin, accusing them of losing at least $500,000 of its money by funneling it to Bernard L. Madoff's fraudulent investment fund.

Merkin broke a fiduciary duty to investors and lied about his efforts to manage their money, ACG complained Thursday in the Supreme Court of the State of New York, New York County.

Among the claims asserted in the six-count complaint are breach of fiduciary duty, fraudulent misrepresentation, gross negligence and violations...
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