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Merkin investors must wait for Madoff payout

Payments delayed so trustee for Madoff’s victims can appeal Merkin’s $410 million settlement with NYAG

Everyone burned by Bernard Madoff’s Ponzi scheme wants their money, and they want it now. But a few investors who lost big thanks to Madoff may have to wait a little longer for their payday.

Former investors with J. Ezra Merkin, a money manager, may have to wait as long as the end of the year to receive distribution from the $415 million settlement Merkin reached in the Madoff case with New York Attorney General Eric Schneiderman.

Schneiderman agreed to the delay in payment to give Irving Picard, the court-appointed trustee for Madoff’s victims, time to appeal a court’s decision in April that rejected his attempt to block the settlement. “The defrauded customers of Bernard L. Madoff Investment Securities LLC deserve the SIPA Trustee’s full representation in this matter, to ensure equitable protection for all,” Amanda Remus, Picard’s spokeswoman, told the Wall Street Journal Law Blog.

The settlement between Schneiderman and Merkin came after several years of litigation. Picard has contested other similar settlements with these so-called feeder funds.

Read more InsideCounsel stories about the Madoff drama.

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

Madoff victims’ payout may exceed $5 billion

9th Circuit says Madoff investors can’t sue SEC

Peter Madoff gets 10 years behind bars

Madoff victims can only file claims for actual losses

Madoff trustee tries to block investor settlement

Former Madoff employee pleads guilty to decades of fraud

Madoff victims receive largest payout yet

Madoff trustee can pay victims $2.4 billion

Madoff trustee asks for $2.4 billion for victims

New York Mets settle with Madoff victims for $162 million

JPMorgan Chase faces $19 billion lawsuit from Madoff victims


Cathleen Flahardy

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