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…

Read More Here

Be the first to comment on "Madoff customers’ recovery tops 75 percent with Merkin settlement"

Leave a comment

Your email address will not be published.