NY AG: Madoff Victim Payouts Within 3 Years New York's attorney general says investors in four funds that lost more than $1.2 billion in Wall Street swindler Bernard Madoff's Ponzi scheme will receive $405 million in payouts over the next three years. Eric Schneiderman (SHNEYE'-dur-muhn) says the investors are likely to get more money when Madoff's estate is settled, though a federal court trustee in that case says he is now reviewing the New York agreement. A settlement with hedge fund manager J. Ezra Merkin was approved Friday in state Supreme Court in Manhattan. It settles state civil charges filed in 2009 claiming breach of fiduciary duty by Merkin. Merkin had collected management fees while steering assets to Madoff from Ariel Fund Ltd., Gabriel Capital L.P., Ascot Fund Ltd. and Ascot Partners L.P.