Eric T. Schneiderman

Judge Jed Rakoff

The trustee… having for more than three years issued empty threats to seek a halt to the attorney general’s suit, has lost his right to complain. Even on the merits, moreover, his bluster proves to be without substance.

– Judge Jed Rakoff (S.D.N.Y.), issuing a harsh benchslap to Irving Picard, the trustee involved in the Bernie Madoff case, for trying to block a settlement he wasn’t involved in between J. Ezra Merkin and New York Attorney General Eric Schneiderman.

If you don’t have a lawyer, it is hard to really put their feet to the fire and make sure the banks have every ‘t’ crossed and ‘i’ dotted… We are going to make sure funding for those legal services is restored.

– New York Attorney General Eric T. Schneiderman, discussing the implications of a $2.7 billion hard-cash settlement under a nationwide mortgage servicing agreement.

As part of the settlement, New York State will receive a guaranteed $136 million, and New Yorkers who suffered during the foreclosure crisis will be eligible for an estimated $648 million in additional payments. Schneiderman said the settlement will help restore legal service programs that were cut back in recent years.