Hedge Fund Manager to Pay $405 Million in Madoff Settlement

From nytimes.com

Clients of J. Ezra Merkin, a prominent Wall Street hedge fund manager who invested his investors’ money in Bernard L. Madoff’s epic Ponzi scheme, will recover more than $400 million under a civil settlement negotiated by the New York State attorney general’s office. The deal, the first settlement of a government action against Mr. Merkin, was approved by a New York state judge late Friday, according to people in the office of New York Attorney General Eric T. Schneiderman. The agreement is expected to be publicly announced on Monday. Mr. Merkin, whose funds lost roughly $1.2 billion when Mr. Madoff’s ... (full story)