Court documents showed that two investors failed in their private bids to recover more than $10 million from fund manager J. Ezra Merkin for money lost in Bernard Madoff's Ponzi scheme, Reuters reported yesterday. Last month, Merkin agreed to pay $410 million to settle a lawsuit brought by New York state that accused Merkin of secretly steering client money to Madoff. Madoff pleaded guilty in March 2009 to perpetrating the largest Ponzi scheme in U.S. history and is serving a 150-year prison sentence.
