SIPC Opposes Mets Owners' Bid To Dodge $1B Madoff Suit

Law360, New York (July 11, 2011, 7:05 PM EDT) -- The Securities Investor Protection Corp. on Monday fought a bid by the New York Mets’ owners to dodge a lawsuit seeking to claw back $1 billion lost in Bernard Madoff’s Ponzi scheme, saying the trustee overseeing the case was entitled to bring the suit.

In March, trustee Irving Picard, who is overseeing the liquidation of Bernard L. Madoff Investment Securities LLC, hit Fred Wilpon and Saul Katz, who own the Mets through Sterling Equities Inc. and Sterling Mets LP, with the $1 billion in claims in...
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