Merkin close to settling with NY for $400 mln -source

Financier J. Ezra Merkin, accused of secretly steering $2.4 billion in client funds to Ponzi schemer Bernard Madoff, is close to settling a lawsuit brought by the New York attorney general for about $400 million, according to a person close to the matter. Merkin, a former chairman of the finance company GMAC LLC, betrayed investors by reaping $470 million in client fees while “recklessly” sending their funds to Madoff to oversee, the lawsuit contends.

via Merkin close to settling with NY for $400 mln -source. — Reuters