MATTER OF MERKIN v. BERMAN

13776 652415/12

123 A.D.3d 523 (2014)

2014 NY Slip Op 08747

1 N.Y.S.3d 21

In the Matter of J. EZRA MERKIN, Respondent, v. JOSHUA M. BERMAN, on Behalf of JOSHUA M. BERMAN INDIVIDUAL RETIREMENT ACCOUNTS, Appellant.

Appellate Division of the Supreme Court of New York, First Department.

Decided December 11, 2014.


Respondent's claims arise from losses incurred in his individual retirement account (IRAs), which were invested in funds managed by petitioner, who had given control of those assets to Bernard L. Madoff, and which were lost as a result of Madoff's Ponzi scheme. The AG later commenced a Martin Act suit against petitioner, and respondent commenced an arbitration against him. Ultimately, respondent had to decide whether to forgo participation in the settlement of the Martin...

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