Yeshiva Had Losses of $110 Million Linked to Madoff

Bloomburg reports that Yeshiva University lost about $110 million in investments tied to the Bernard Madoff scandal and has hired a lawyer to consider its options, a spokesman for the New York school said.
Most of the lost money was invested through hedge funds controlled by J. Ezra Merkin, who was a Yeshiva trustee and chairman of the investment committee, the spokesman, Bill Anderson, said today in a telephone interview. The losses left Yeshiva, a 122-year-old private school that combines academic and religious education, with an endowment of about $1.2 billion.
Merkin resigned from both university positions on Dec. 12, Anderson said. The spokesman declined to comment on an article published online today by the school newspaper, the Commentator, that said Yeshiva was considering legal action against Merkin. Merkin, head of New York-based Gabriel Capital Group and chairman of GMAC LLC in Detroit, didn’t return a call seeking comment…

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