$410M Madoff Deal Should Go Forward, Attys Argue

Law360, New York (March 25, 2013, 8:44 PM EDT) -- A $410 million settlement between New York state and Madoff feeder fund manager J. Ezra Merkin should go forward despite the Madoff bankruptcy trustee’s efforts to derail it, lawyers on both sides of the deal argued Monday.

Irving Picard, the trustee in charge of recovering money for Madoff’s direct victims, is interfering with the deal because of a God complex, lawyers for Merkin and the state argued at a hearing before U.S. District Judge Jed S. Rakoff in Manhattan.

There is a “delusion of omnipotence,” said...
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