The nation in brief

QUOTE OF THE DAY

“I think it’s the best vacation ever. This is what the real world is about. There’s a lot of people that need help.”

Mark Stein of Morristown, N.J., who spent the first night of a Colorado vacation setting up cots for wildfire evacuees with his family Article, this page

$405 million to go to Madoff victims

ALBANY, N.Y. - A settlement announced Sunday will send $405 million to victims of Bernard Madoff’s historic investment scam, New York’s attorney general said.

The clients of hedge-fund manager J. Ezra Merkin will receive $405 million, and New York will get $5 million to cover the cost of the settlement worked out by Attorney General Eric Schneiderman. The victims include New York Law School, Bard College, Harlem Children’s Zone, Homes for the Homeless, and the Metropolitan Council on Jewish Poverty.

Merkin had managed investments for hundreds of investors in four funds: Ariel Fund Ltd., Gabriel Capital LP, Ascot Fund Ltd. and Ascot Partners LP. Schneiderman said many of the investors are New York residents and charitable organizations. Many of them requested not to be identified.

Most investors will get more than 40 percent of their losses, but only up to $5 million. Those who lost more could see additional payments, depending on the number of investors who seek reimbursement.

Sugar beet union rejects third offer

FARGO, N.D. - Locked-out union employees at American Crystal Sugar Co. rejected the company’s contract proposal a third time Saturday in a nearly 11-month dispute that focuses on seniority and job security.

The union announced that 63 percent of voters opted against the latest offer. Union employees said Crystal was out to break the union, while the company said it offered a good contract with substantial increases in wages and benefits.

In a statement posted on American Crystal’s contract talks website, the company said it is “disappointed” in the union’s rejection, but it “stands by our final offer.”

American Crystal is the largest sugar beet processor in the country, with plants in Minnesota, North Dakota and Iowa.

Fearing a strike in the middle of processing season, the company locked out workers on Aug. 1 and hired replacements. Company officials expect the plants to ramp up production in mid-August.

Republican: No cover-up evidence

WASHINGTON - Congress doesn’t have any evidence so far of a White House cover-up involving a botched gun-tracking operation, a top Republican said Sunday, countering the House speaker’s assertion that President Barack Obama or his aides deliberately misled lawmakers.

“No, we don’t,” said Rep.

Darrell Issa, R-Calif., in response to a question on Fox News Sunday about whether lawmakers had proof now to back Speaker John Boehner’s claim about White House officials’ involvement.

“And I hope they don’t get involved. I hope this stays at Justice,” said Issa, chairman of the House Oversight and Government Reform Committee.

The Republican-led committee voted along party lines on Wednesday to cite Attorney General Eric Holder for contempt of Congress for not handing over all the material demanded in Operation Fast and Furious. Earlier that day, Obama had invoked executive privilege to withhold the documents, which concern how the department learned there were problems with an Arizona probe of gun-running into Mexico.

Front Section, Pages 3 on 06/25/2012

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