Judge Blocks Madoff Trustee's Appeal In Mets Case

Jan 18 2012 | 12:14pm 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: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of