Madoff trustee lawsuit against Mets’ owner revised

InternAdmin Contributor
Font Size:

The New York Mets’ owners may still have to pay hundreds of millions of dollars to the trustee liquidating Bernard Madoff’s investment firm after a judge dismissed nine of the 11 counts in his lawsuit.

The trustee, Irving Picard, sought $300 million in profit and $700 million in principal from Sterling Equities Inc. partners Fred Wilpon, Saul Katz and other defendants in the complaint filed in Manhattan federal court.

U.S. District Judge Jed Rakoff said yesterday he wouldn’t decide right now if Picard could try to seize almost $300 million in profits received over the course of the Sterling investment with Madoff, or about $83 million, representing the last two years of Sterling’s profits before Madoff’s 2008 arrest.

Full Story: Mets Ruling Reduces Madoff Trustee’s Lawsuit to Foremost Fraud Allegation