Madoff Trustee's $1B Suit Against Mets Owners Trimmed

Law360, New York (September 27, 2011, 7:54 PM EDT) -- The owners of the New York Mets scored a win Tuesday when a federal judge tossed nine of the 11 claims in a $1 billion lawsuit lodged against them by the trustee overseeing recovery for victims of Bernard L. Madoff's Ponzi scheme.

U.S. District Judge Jed S. Rakoff said the U.S. Bankruptcy Code precluded trustee Irving H. Picard from recovering any money paid to executives of Sterling Equities, which owns the Mets, by Madoff's brokerage firm, except where it's proven the executives committed actual fraud....
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Case Title

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


Case Number

1:11-cv-03605

Court

New York Southern

Nature of Suit

Bankruptcy Withdrawl

Judge

Jed S. Rakoff

Date Filed

May 25, 2011

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