Justice Richard B. Lowe appointed Pitofsky receiver in a lawsuit (People of the State of New York v. Merkin, 450879/09) brought by the New York attorney general’s office seeking recovery from Merkin of $2.4 billion in his client’s funds which he had "recklessly" invested with Madoff despite "clear warning signals" that the funds were being mishandled.

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Reuters – Hedge fund founder Ezra Merkin is being cooperative with New York state’s top legal officer in its investigation of three funds as part of the probe into accused swindler Bernard Madoff, officials said on Wednesday.

New York Attorney General Andrew Cuomo is seeking information from Merkin and his Gabriel Capital Corp, Ariel Fund Ltd and Ascot Partners funds, Cuomo’s office said last month.

All of the funds have been sued by nonprofits and individual investors who accuse them of investing with Madoff without their knowledge.

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Tags: ariel, ascot, attorney-general-andrew-cuomo, bernard madoff, ezra, individual investors, merkin, new-york-attorney-general, new-york-attorney-general-andrew-cuomo, new-york-state, partners funds, reuters, york-attorney-general-andrew-cuomo