NY AG Slams Madoff Trustee's Delay In Fighting $410M Deal

Law360, New York (January 28, 2013, 3:12 PM EST) -- New York Attorney General Eric T. Schneiderman and Bernard L. Madoff associate J. Ezra Merkin pressed a federal judge on Friday to approve their $410 million settlement, claiming Madoff’s bankruptcy trustee had waited too long to oppose the deal.

In separate briefs to U.S. District Judge Jed S. Rakoff, Schneiderman and Merkin said Madoff trustee Irving Picard waited too long to argue the settlement would unfairly give money to New York residents who were indirect investors in Madoff's Ponzi scheme, rather than to the former Bernard...
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