Texas Tech takes a step toward regaining millions of lost dollars. - KCBD NewsChannel 11 Lubbock

5/8/09

Texas Tech takes a step toward regaining millions of lost dollars.

LUBBOCK, TX (KCBD) - Texas Tech takes a step toward regaining millions of lost dollars.   NewsChannel 11 first told you Wednesday night Texas Tech is one of the many victims of a nationwide ponzi scheme by New York investment manager Bernard Madoff.

Texas Tech Vice Chancellor Jim Brunjes says the University invested with a man named Ezra Merkin. Merkin then invested billions of dollars of University funds from all over the nation with Madoff's fund. Brunjes thinks Tech's loss might be four to five million dollars. 

The Texas Tech Board of Regents decided to hire an attorney to possibly sue Merkin over the lost funds on Friday. Right now, Tech cannot recover any of the Merkin funds because of a court ordered injunction.  

©2009 KCBD NewsChannel 11. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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