hedge fund

Hedge Fund Manager to Pay $405M to Madoff Victims

Jun 25, 2012

New York's attorney general says he has secured a civil settlement in which hedge fund manager J. Ezra Merkin will reimburse clients with $405 million lost in Bernard Madoff's historic investment scam.  WAMC’s Tristan O’Neill reports…

Attorney General Eric Schneiderman said Sunday that the clients will be paid over three years and New York state will get $5 million to cover the cost of the settlement.

Merkin had managed four funds with hundreds of investors. Schneiderman says many are New Yorkers and charitable organizations. None have been identified.