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...
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Case Information

Case Title

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

Case Number



New York Southern

Nature of Suit

Bankruptcy Withdrawal


Jed S. Rakoff

Date Filed

May 26, 2011

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