Mr. Merkin was accused by both Mr. Schneiderman and Mr. Picard – in separate lawsuits – of acting as a large “feeder” fund to Bernard Madoff. After three years of litigation, Mr. Merkin, the former chairman of GMAC Financial Services, agreed to settle the attorney general’s lawsuit without admitting or denying wrongdoing. Mr. Picard’s lawsuit against Mr. Merkin is still unresolved.
Mr. Picard is trying to block the attorney’s general’s settlement, saying only he has the exclusive right as the court-appointed trustee under federal bankruptcy law to seek recoveries for victims of Mr. Madoff’s decades-long Ponzi scheme.
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