Settlement in Madoff-related suit

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y manager Ezra Merkin has agreed to pay $410m (£330m) to settle a lawsuit brought by the New York attorney general that accused Merkin of steering client money to Ponzi schemer Bernard Madoff, a person familiar with the settlement said yesterday. Justice Richard Lowe of New York state court signed off on the settlement on Friday, the person said, and it is expected to be announced today. Under the agreement, Merkin will pay $405m to compensate investors over three years. The other $5m will go to the state.