Merkin, N.Y. Reach $410 Million Madoff Lawsuit Settlement
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New York settled a lawsuit for $410 million with J. Ezra Merkin over claims that Merkin funds secretly placed client money with Bernard L. Madoff.
The agreement provides $405 million to compensate investors and $5 million for the state, according to a statement today by the office of New York Attorney General Eric Schneiderman. In the case, filed in 2009 by his predecessor, Andrew Cuomo, the state claimed Merkin steered assets to Madoff and concealed Madoff’s role.