RD Legal Funding Offers Financing to Plaintiff’s Attorneys with Ezra Merkin Settlements
Cresskill, NJ: There have been news reports about victims of the Bernie Madoff Ponzi scheme having to wait almost a year to receive their portion of a settlement. This delay is the result of an appeal of the settlement reached between the State of New York and J. Ezra Merkin.
Merkin has been the subject of many lawsuits from angry investors seeking retribution and compensation for the losses they suffered under his guidance. Merkin is alleged to have played a huge part in how Madoff operated his scheme. When Madoff turned himself over to authorities, the whole scheme collapsed, causing huge losses to investors.
RD Legal Funding, LLC (“RD Legal”) is ready to help bridge the gap between time of settlement and case payout to help plaintiff’s attorneys with Ezra Merkin settlements improve their cash flow. Since 1998, RD Legal has been one of the nation’s leading providers of lawsuit funding to attorneys.
Merkin was charged with civil fraud in 2009 because of allegations that he pushed his investors’ money towards Madoff, acting as a “feeder fund” without permission. When the Madoff scandal first became public, it was widely assumed he did not work alone. More reporting proved that point, revealing that some operators of “feeder funds” like Merkin received huge kickbacks. Once the scandal was exposed, Merkin was sued by some of his investors for not doing his due diligence and not upholding his fiduciary duties. He reached a $415 million settlement with the State of New York but it was appealed.
An estimated $50 billion of thousands of families’ wealth, cultural institutions' budgets, and university endowments was lost the moment Madoff was arrested. Madoff is currently serving 150 years in a federal prison. According to the Associated Press, New York State Attorney General Eric Schneiderman said victims of the Madoff scheme should expect to get paid back within three years.
RD Legal can provide post-settlement funding to plaintiff’s attorneys with Ezra Merkin settlements, which provides immediate capital on legal fees associated with settled cases. Lawsuit financing does not require any kind of payments until the fee is paid; there are no monthly interest or principal payments, no upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within several days. RD Legal provides personalized service and quick turnaround.
To find out more about RD Legal’s attorney funding solutions, please contact Joseph Genovesi, Senior Vice President of Business Development and Origination, at 1-800-565-5177, ext. 140. If you’re ready to begin the application process, simply fill out the quick form at the top of this page.
Written by Lulaine Compere.