New York University is entitled to recover legal fees for battling to preserve the remaining assets of a hedge fund from which a prominent New York financier pumped hundreds of millions of dollars into Bernard Madoff’s Ponzi scheme, a Supreme Court justice in Manhattan ruled last week.
Justice Richard B. Lowe III found, over the opposition of the New York Attorney General’s Office, that the benefit NYU conferred on investors in the $1.3 billion Ariel Fund was “of such a great measure” that it would be “inequitable” not to compensate its attorneys.
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