An already-bitter battle pitting disgraced hedge-fund manager Ezra Merkin and the New York attorney general just got nastier, according to reports in the NY Post. Lawyers for Merkin sent a letter to New York state judge Richard Lowe on Monday demanding that he toss the AG’s lawsuit, which accuses Merkin of earning a half-billion dollars for parading as an investment guru while really just funneling the money to Ponzi King Bernie Madoff.
Merkin’s lawyers sent the letter as a result of a separate ruling by federal court judge Deborah Batts, who dismissed a class-action against Merkin earlier Monday that accused him of defrauding investors.
Batts’ decision to toss the lawsuit “is directly relevant” to the AG’s case, which was filed under former AG, Andrew Cuomo, said Merkin’s lawyer in the letter to Lowe. Eric Schneiderman, the new AG, shot back yesterday with his own letter to Batts, saying there’s plenty of evidence that Merkin breached his fiduciary duty to investors by not telling them that their money was being funneled to Madoff.
Find out more at http://www.nypost.com/p/news/business/hedgie_merkin_wants_madoff_suit_I0qjhmQX1AKaauAOMyUCbN
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