Saturday, 27 December 2014
Last updated 3 days ago
Dec 22 2009 | 12:41pm ET
An affiliate of the New York Mets has gone to court to fight the way the Bernard Madoff liquidator calculates claims.
Mets LP complains that Irving Picard’s methodology—subtracting withdrawals from Madoff investors’ cash deposits with the Ponzi scheme mastermind’s firm—will leave up to $1 billion left over. Picard’s calculations could also lead him to sue Mets LP for $47.8 million, since the entity withdrew more from its Madoff accounts than it invested.
Picard rejected Mets LP’s claim for more than $800,000.
“As much as $1 billion or more that should be paid to Madoff victims will be retained by the SIPC fund and not paid to anyone,” Mets LP said in its lawsuit, filed yesterday in U.S. Bankruptcy Court in New York.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.