J. Ezra Merkin Agrees to $410 Million Madoff Settlement

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Photo: Pool/2006 Getty Images

Reuters has learned that disgraced ex–money manager Ezra Merkin will pay out $410 million to settle a three-year-old lawsuit brought by the New York Attorney General's office accusing him of complicity in the multibillion -dollar Bernie Madoff Ponzi scheme. In all, the three funds Merkin controlled funneled some $2 billion to Madoff's firm, which imploded fantastically in 2009 after years playing a big-money version of "in with the left hand, out with the right." All but $5 million of the settlement amount will go to bilked investors.