Judge Blocks Madoff Trustee's Appeal In Mets Case

Jan 18 2012 | 11:14am ET

The trustee in the Bernard Madoff Ponzi scheme case cannot yet appeal the dismissal of most of his case against the owners of the New York Mets.

U.S. District Judge Jed Rakoff denied Irving Picard's bid for an interlocutory appeal of Rakoff's September ruling, cutting Picard's case against Fred Wilpon and Saul Katz to about $386 million from more than $1 billion. Rakoff's ruling means that Picard cannot appeal the earlier ruling prior to trial, set to begin in March; he can appeal the ruling after the trial.

Picard has warned that Rakoff's reading of the law will substantially affect other lawsuits and could slash the amount he can recover for Madoff's victims.

Yesterday, Picard wrote that an interlocutory appeal would serve to "materially delay, rather than materially advance, the ultimate termination of the litigation." In a sop to Picard, Rakoff pointed out that the "factual record developed at the forthcoming trial of this case will likely have relevance to many of the issues that the trustees seeks by his motion to put before the Court of Appeals."

Picard has alleged that the Mets owners either knew that Madoff was running a scam or willfully ignored evidence pointing to that conclusion. Wilpon and Katz deny that they had any inkling of the fraud.

The trial in the case will begin on March 19—unless the two sides reach a settlement.


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.