Monday, December 22, 2014

Follow us:
Follow @NY1 on Twitter Follow NY1 News on Facebook Follow NY1 News on Google+ Subscribe to this news feed 


Judge Rules State Can Begin Payments to Madoff Victims

  • Text size: + -
TWC News: Judge Rules State Can Begin Payments to Madoff Victims
Play now

Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

A Circuit Court judge on Friday cleared the way for the state to dispute money lost by victims of Bernard Madoff's ponzi scheme.

State Attorney General Eric Schneiderman brokered a $410 million settlement with fund manager J. Ezra Merkin two years ago.

According to the AG, Merkin had been funneling investors' money to Madoff''s fund, sometimes without their knowledge.

However, the trustee for Madoff's victims fund, Irving Picard, is suing to keep the state from giving out the money.

He cites bankruptcy laws, saying his case took priority.

A federal judge disagreed and ruled Schneiderman can begin paying the victims. ClientIP:, UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP