Madoff customers’ recovery tops 75 percent with Merkin settlement


NEW YORK (Reuters) – The court-appointed trustee liquidating Bernard Madoff’s firm on Wednesday announced a $280 million settlement with one of the swindler’s earliest investors, enabling customers to recoup more than 75 percent of the principal they lost.

FILE PHOTO: Bernard Madoff exits the Manhattan federal court house in New York, NY, U.S., January 14, 2009. REUTERS/Brendan McDermid/File Photo

The accord with hedge fund manager Ezra Merkin also resolved claims against Ascot Partners LP, a “feeder fund” he ran that sent customers’ money to Madoff, often without their…



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