Madoff Trustee Appeals Ruling on New York’s Merkin SettlementLinda Sandler
The Bernard Madoff brokerage liquidator appealed a federal judge’s ruling that blocked his move to stop New York Attorney General Eric Schneiderman from completing a $410 million settlement with J. Ezra Merkin.
The settlement will compensate Merkin investors whose money was lost in the Ponzi scheme, according to a federal court filing yesterday in Manhattan.
Madoff trustee Irving Picard, who also has appealed rulings barring him from collecting $30 billion from banks, seeks to collect $500 million from Merkin for a different set of Madoff investors. U.S. District Judge Jed Rakoff in Manhattan dismissed what he called Picard’s entire effort to “derail” the accord, saying he waited too long to assert his own claim as trustee.