Madoff Trustee's Mets Claims Have $386M Ceiling: Judge

Law360, New York (September 28, 2011, 5:44 PM EDT) -- The New York federal judge handling Madoff trustee Irving Picard's suit against the owners of the New York Mets said Wednesday that the most the trustee can hope to recover from his action is about $386 million.

“It may be a lot less than that,” U.S. District Judge Jed S. Rakoff said at a scheduling hearing in the case, clarifying the effect of a dismissal order issued Tuesday.

Picard had sought to clawback more than $1 billion in phony profits Mets owner Sterling Equities made from...
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