Lawyers battle over Madoff-related settlement

A battle between New York Attorney General Eric Schneiderman and Irving Picard, the trustee for victims of Bernard Madoff’s Ponzi scheme, is coming to a head.

On Monday, lawyers for the two sides traded barbs in court over a $410 million settlement between Schneiderman and Ezra Merkin, a money manager accused of “recklessly” feeding $2.4 billion of client money to Madoff. Picard is trying to block the settlement, claiming Madoff customers have first crack at Merkin’s assets.

via Lawyers battle over Madoff-related settlement — Reuters