A federal judge blocked the trustee seeking money for Bernard Madoff's victims from interfering with New York state's $410 million settlement with Ezra Merkin, a Wall Street hedge fund manager accused of steering client money to the swindler. The settlement calls for Merkin to pay $405 million to investors over three years, and $5 million to New York State to cover fees and costs.
The trustee's attorney revealed at a Manhattan hearing that the a ruling limiting the team owners' exposure to $386 million will also affect other money being recovered for investors.
Nikkei opens initially lower after second major earthquake hits. Also on the radar: Portugal's $130 billion bailout? Madoff cloud over the Mets.
Madoff settlement, approved by US judge, returns money from an estate that benefited from the Ponzi scheme.
The $7.2 billion from the estate of philanthropist Jeffry Picower represents the largest forfeiture in US history. So far, $9.8 billion has been collected on behalf of Bernard Madoff victims – nearly half the $20 billion that investors lost.