Mets Owner To Fight Madoff Trustee’s Methodology

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.


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note