NY AG Defends $410 Merkin Settlement At 2nd Circ.

Law360, New York (October 10, 2013, 7:32 PM EDT) -- New York’s attorney general on Thursday asked the Second Circuit to bless his $410 million settlement with Madoff feeder fund manager J. Ezra Merkin, arguing that the bankruptcy trustee recovering money for Madoff investors brought a challenge too late.

Trustee Irving Picard has no reasonable grounds to complain about the Merkin accord, since he knew years in advance that New York intended to bring its own claims against the prominent Madoff feeder, state lawyer Brian A. Sutherland told a panel of judges during oral arguments in...
To view the full article, register now.