Lawyers for New York Attorney General Eric Schneiderman and the trustee overseeing the liquidation of Bernard Madoff’s Ponzi scheme will square off in federal court this afternoon over the attorney general’s $410 million settlement with Ezra Merkin and the funds he managed that invested with Madoff.

Merkin’s attorneys will also appear at the hearing in Picard v. Schneiderman, 12-6733, which is set for 4 p.m. today before Southern District Judge Jed Rakoff.