Tech might sue in Madoff-related case - KCBD NewsChannel 11 Lubbock

5/10/09

Tech might sue in Madoff-related case

By James Clark | email

LUBBOCK, TX (KCBD) - Here's a quick update on a story NewsChannel 11 broke Wednesday night.   On Friday, Texas Tech took the first step in filing a lawsuit related to the billions of dollars New York investor Bernard Madoff lost while running a ponzie scheme.   Madoff pleaded guilty back on March 12th and the judge ordered him locked up even before official sentencing.  

Texas Tech did not intentionally invest with Madoff.   Texas Tech instead invested with a man named Ezra Merkin.   Merkin in turn put money into the Madoff fund.   Texas Tech says only $4 million or $5 million is at risk.   That brings us back to Friday's decision.   The Texas Tech board of regents approved hiring a lawyer to possibly file a lawsuit against Merkin and/or a St. Louis-based investment firm.   Merkin has said in the past that a similar lawsuit by New York University is "without merit."

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 This material may not be published, broadcast, rewritten, or redistributed

Viewer Photo Gallery
Take a look at the interesting and unusual pictures that have been sent in to us by viewers from around the South Plains and the world!

  • Local News on KCBD.comNewsMore>>

  • Man recovering from deadly Mojave rattlesnake bite near Klondike

    Man recovering from deadly Mojave rattlesnake bite near Klondike

    Thursday, June 22 2017 2:26 PM EDT2017-06-22 18:26:45 GMT
    (Jason Fenney/kingsnake.com website)(Jason Fenney/kingsnake.com website)

    A man who lives south of Klondike, TX is recovering in a Lubbock hospital after being bitten by a deadly Mojave rattlesnake on Sunday. According to the Lamesa Press-Reporter, 53-year-old Milton Richards tried to kill the snake in his backyard around 9 p.m. 

    A man who lives south of Klondike, TX is recovering in a Lubbock hospital after being bitten by a deadly Mojave rattlesnake on Sunday. According to the Lamesa Press-Reporter, 53-year-old Milton Richards tried to kill the snake in his backyard around 9 p.m. 

  • Senate GOP releases bill to cut Medicaid, alter 'Obamacare'

    Senate GOP releases bill to cut Medicaid, alter 'Obamacare'

    Thursday, June 22 2017 4:00 AM EDT2017-06-22 08:00:11 GMT
    Thursday, June 22 2017 2:26 PM EDT2017-06-22 18:26:14 GMT

    Congressional aides and lobbyists say Senate Republicans would cut Medicaid, end penalties for people not buying insurance and erase a raft of tax increases as part of their long-awaited health care bill.

    Congressional aides and lobbyists say Senate Republicans would cut Medicaid, end penalties for people not buying insurance and erase a raft of tax increases as part of their long-awaited health care bill.

  • Fake quake: Report of major California temblor a false alarm

    Fake quake: Report of major California temblor a false alarm

    Wednesday, June 21 2017 8:31 PM EDT2017-06-22 00:31:24 GMT
    Thursday, June 22 2017 2:25 PM EDT2017-06-22 18:25:49 GMT

    A report of a major earthquake off the California coast has turned out to be a false alarm based on a quake from 1925.

    A report of a major earthquake off the California coast has turned out to be a false alarm based on a quake from 1925.

Powered by Frankly