$415M For Merkin Deal Is Not Madoff Estate Property: NY AG

Law360, New York (October 12, 2012, 8:21 PM EDT) -- New York's attorney general on Thursday insisted that the funds former Bernard L. Madoff hedge fund manager J. Ezra Merkin will use to pay a $415 million settlement with victims do not belong to the Madoff estate, despite its trustee's arguments to the contrary.

Eric T. Schneiderman again urged U.S. District Judge Jed S. Rakoff to remove from bankruptcy court Madoff trustee Irving Picard’s adversary suit that aims to block the Mervin deal. Picard claims the settlement would unfairly give money to New York residents who...
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