Some Madoff investors to see payback
Investors in four funds that lost more than $1.2 billion in Wall Street swindler Bernard Madoff’s Ponzi scheme will receive $405 million in payouts over the next three years, New York’s attorney general said Monday.
A settlement with hedge fund manager J. Ezra Merkin was approved Friday in state Supreme Court in Manhattan. It settled state civil charges filed in 2009 claiming breach of fiduciary duty by Merkin.
The attorney general’s office said the investors are likely to get more money when Madoff’s estate is settled.