NY AG Says Suit Against Madoff Feeder Still Has Legs

Law360, New York (September 28, 2011, 5:39 PM EDT) -- New York's attorney general said Tuesday that a federal judge's dismissal of a class action against Ezra Merkin, whose hedge funds pumped up Bernard L. Madoff's Ponzi scheme, has no bearing on state prosecutors' own suit against the feeder funds.

Merkin and his hedge funds, including Gabriel Capital Corp., Ariel Fund Ltd. and Ascot Fund Ltd., allegedly told hundreds of investors in offering documents that Merkin was managing their money when he was in fact funneling millions of dollars into Madoff's doomed scheme, according to the...
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