Madoff Bankruptcy Trustee Drops One Claim Against Merkin, Eleven Remain


Irving Picard, the bankruptcy trustee responsible for liquidating Bernie Madoff’s investment firm, dropped one of twelve claims against J. Ezra Merkin, the man who raked in a large chunk of Madoff’s fake profits. The total value of the suit hasn’t changed from $564.6 million, but $279 million of that will have to come from a different place — Merkin’s Ascot, which lost all of its $1.7 billion in the scheme, instead of Ariel and Gabriel funds, which pulled their money out while the going was good. [Bloomberg]