Merkin Settlement Opposed By Trustee

The New York Times reported a story from Reuters, saying a trustee for the victims of Bernard L. Madoff is trying to block a $410 million settlement. The settlement would resolve New York’s claims against a Wall Street hedge fund manager who is accused of steering money into Madoff’s Ponzi scheme. Irving H. Picard, the trustee, asked the Federal Bankruptcy Court to block New York State’s settlement with J. Ezra Merkin, the financier, on the grounds that it interferes with his exclusive right to seek money for the victims.Merkin Settlement Opposed By Trustee

Madoff is a legend on Wall Street, known for running a trading company that prospered for over four decades. In 2008, he was arrested and charged for a 20-year Ponzi scheme. Madoff’s Ponzi was the largest fraud in Wall Street History, and he pleaded guilty to all charges in 2009, receiving a sentence of 150 years in prison. New York State’s settlement with Merkin over his links to Madoff’s scheme would be one of the largest Madoff-related settlements so far.

Madoff’s scheme cost his customers approximately 20 billion dollars, and Mr. Picard argued that New Yorkers were not entitled to “a jump-start over the victims of this heinouos fraud.” Jennifer Givner, spokeswoman for New York Attorney General Eric T. Schneiderman, said Picard’s request was “inappropriate and without legal merit and we will take all necessary steps to oppose it.”

Fortunately, most people do not run their businesses like Madoff, but court cases are still a part of the business world. Our Naperville business attorneys can help you understand the law and your legal rights. If you are going to court regarding your business, it is important to get qualified legal aid to ensure the best possible outcome in your case. Get the help you need, and contact our business lawyers in Naperville, Illinios today.