Merkin settles Madoff-related lawsuit with New York

Money manager Ezra Merkin has agreed to pay $410 million to settle a lawsuit brought by New York state that accused Merkin of secretly steering client money to Ponzi schemer Bernard Madoff, according to New York Attorney General Eric Schneiderman.

“By holding Mr. Merkin accountable, this settlement will help bring justice,” Schneiderman said in a statement on Sunday. “We have recovered over $400 million for the investors and charities that were harmed by history’s largest Ponzi scheme.”

via Merkin settles Madoff-related lawsuit with New York — Reuters