Tuesday, 31 May 2016
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.