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: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

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.

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.