Hedge fund manager to pay $405M to Madoff victims

(Reuters) - The trustee seeking money for victims of Bernard Madoff was barred on Monday from blocking a $410 million settlement resolving New York state's claims against Wall Street hedge fund manager Ezra Merkin, who was accused of secretly steering client money to the swindler. Irving Picard, the trustee, had said the settlement with New York Attorney Eric Schneiderman interfered with his exclusive right to seek money for Madoff's victims. But U.S. ...

(Reuters) - Owners of the New York Mets baseball team have agreed to pay $162 million to settle a lawsuit by the trustee seeking money for victims of Bernard Madoff's fraud. The settlement was announced in Manhattan federal court by U.S. District Judge Jed Rakoff on Monday, just before a trial was scheduled to begin in the case. (Reporting By Grant McCool; Editing by Gerald E. McCormick)

J. Ezra Merkin, whose funds lost about $1.2 billion when Mr. Madoff’s fraud collapsed in 2008, has agreed to pay $405 million over three years to compensate his investors.

The trustee seeking money on behalf of Bernard Madoff's victims announced on Monday a $1-billion settlement with liquidators for three large "feeder funds," boosting payouts to the swindler's former customers.