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Attorney General Andrew Cuomo’s lawsuit to recover $1.2 billion from a hedge fund operator for the losses his investors sustained when he handed over their money to convicted swindler Bernard L. Madoff may proceed to trial, Manhattan Supreme Court Justice Richard B. Lowe III has ruled. The judge rejected the contention of Ezra J. Merkin that the attorney general’s statutory and common law fraud claims against him were not viable because in 2006 Merkin stated in an offering memorandum that he “might delegate investment management duties to independent money managers” without first telling his investors.

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