Mets Ruling Could Cost Victims $6.2B: Madoff Trustee

Law360, New York (September 29, 2011, 9:58 PM EDT) -- The trustee for Bernard Madoff's estate on Thursday estimated that a federal judge's significant cuts to his $1 billion suit against the owners of the New York Mets could result in a $6.2 billion loss in potential recovery for Madoff victims.

Trustee Irving Picard — now only able to claw back for the last two years of the Madoff scheme rather than six — says victims are looking at $2.7 billion less in recovery, with an additional $3.5 billion in preference payments "in question."

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