Money manager Ezra Merkin has agreed to pay $410 million to
settle a lawsuit brought by the New York attorney general that accused Merkin
of steering client money to Ponzi schemer Bernard Madoff, a person familiar
with the settlement told Reuters on Sunday.
Justice Richard Lowe of New York state court signed off on
the settlement on Friday, the person said, and it is expected to be announced
on Monday. The person asked not to be identified because of not being
authorized to talk about the matter. Under
the agreement, Merkin will pay $405 million to compensate investors over three
years, the person said. The other $5 million will go to the state.
The settlement does not resolve a separate case brought
against Merkin by Irving Picard, the trustee seeking money for all of Madoff's
victims. Picard is trying to claw back $500 million that Merkin and his funds
withdrew from accounts with Madoff…
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