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...
To view the full article, register now.




Case Information

Case Title

Irving H. Picard v. Saul B. Katz et al

Case Number



New York Southern

Nature of Suit

Bankruptcy Withdrawl


Jed S. Rakoff

Date Filed

May 25, 2011

Law Firms


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.