Thursday, 25 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.