Wednesday, 1 April 2015
Last updated 8 hours ago
Mar 1 2010 | 9:30am ET
It was New York University that first went to court in an effort to save what was left of a Bernard Madoff feeder fund. But the school, which dropped its suit at the behest of the New York State Attorney General’s office, shouldn’t have to bear the financial burden, a judge has ruled.
Sweeping aside an objection from the attorney general’s office, New York State Judge Richard Lowe said NYU is entitled to recover its legal fees from its once-lonely battle with J. Ezra Merkin and his fund of hedge funds, the Ariel Fund. The judge explained that the restraining order he issued at NYU’s behest in December of 2008—just weeks after the Madoff scandal broke—could have saved investors in Merkin’s funds hundreds of millions of dollars.
“It took the [attorney general], whom investors relied upon, approximately five months” to sue Merkin, Lowe wrote. “It took NYU less than two weeks.”
NYU’s move—which included its putting up a $10 million bond to obtain the restraining order—conferred “a substantial benefit” on Merkin’s investors, the judge said.
Lowe charged a special referee with deciding how much NYU’s lawyers, from the law firm of Scott & Scott, should be paid. The school is asking for $1 million.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…