Madoff trustee and N.Y. AG go to battle over settlement

Irving Picard says New York’s settlement over Ponzi scheme losses is unfair

Irving Picard has his hands full. For years, the court-appointed trustee for Bernard Madoff’s victims has gone to battle, fighting over what’s fair for those harmed in the largest Ponzi scheme in history. And he’s up against it again.

Later today, Picard will take on Eric Schneiderman in a Manhattan court over a $410 million settlement the New York attorney general reached with hedge fund manager Ezra Merkin. Schneiderman sued Merkin in 2009, accusing him of “recklessly” feeding $2.4 billion in client funds to Madoff.


Cathleen Flahardy

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