By holding Mr. Merkin accountable
A settlement with mac blush hedge fund manager J. Ezra Merkin was approved Friday in state Supreme Court in Manhattan. It settled state civil charges filed in 2009 claiming breach of fiduciary duty by Merkin. He had collected management fees while steering assets to Madoff from Ariel Fund Ltd., Gabriel Capital L.P., Ascot Fund Ltd. and Ascot Partners L.P. "By holding Mr. Merkin accountable, this settlement will help bring justice for the people and institutions that lost millions of dollars," Attorney General Eric Schneiderman said. The attorney general's office said the investors are likely to get more money when Madoff's estate is settled, though a federal trustee in that mac brows prune case, Irving Picard, said he is now reviewing the New York agreement and issued a caution about third-party settlements. Many eligible investors will be entitled to get more than 40 percent of their cash losses, with higher proportions to those who didn't know about Madoff's involvement, according to the attorney general's office. The agency also said that investors will likely receive additional payments when Madoff's estate is able to distribute money recovered mac brushes by Picard, the federal trustee, who was not involved in Schneiderman's settlement.