Keep $1B Mets Owners' Suit In Bankruptcy Court: SIPC

Law360, New York (June 20, 2011, 10:24 PM EDT) -- The Securities Investor Protection Corp. on Friday fought a motion from the owners of the New York Mets to move a $1 billion lawsuit filed by the trustee overseeing the liquidation of Bernie Madoff's firm to a federal court.

SIPC sided with Madoff trustee Irving Picard in opposing the motion from Mets owners Fred Wilpon and Saul Katz, who own the team through Sterling Equities Inc. and Sterling Mets LP, to move the case out of bankruptcy court.

"The motion is an unwarranted attempt to remove...
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