NYU Loses $24 Million to Madoff

College is suing its fund managers.


New York University is the latest college to admit being affected by Bernard Madoff's alleged Ponzi scheme. In a lawsuit against J. Ezra Merkin, Gabriel Capital LP fund, and Ariel Fund Ltd., the nation's largest private university claims to have lost $24 million in investments tied to Madoff. The complaint, which was filed last week, alleges that the funds invested with Madoff without telling investors or conducting proper due diligence.

Other schools that have lost money in the scandal are Yeshiva, Tufts, and New York Law School.