Monday, 4 May 2015
Last updated 12 min ago
May 10 2010 | 12:13pm ET
Bernard Madoff feeder hedge fund manager J. Ezra Merkin has lost his bid to have a tabloid publisher’s lawsuit against him tossed.
A New York state judge last week rejected Merkin’s motion to dismiss Mortimer Zuckerman’s fraud lawsuit against him and his Gabriel Capital Corp., one of three Madoff feeders the former GMAC chairman ran. Justice Richard Lowe ruled that neither of Merkin’s contentions “has any merit.”
Lowe did toss Zuckerman’s claim of negligent misrepresentation.
Zuckerman, the chairman of Boston Properties and owner of the New York Daily News, sued Merkin last year over losses he and his charitable foundation suffered in the Madoff Ponzi scheme. Zuckerman’s charitable trust, CRT Investments, had $25 million invested in Merkin’s Ascot Fund, and he personally had $15 million invested in a second Gabriel Capital hedge fund.
Substantially all of Ascot’s funds were invested with Madoff, while more than 20% of Gabriel’s assets were invested with the fraudster.
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…