Mets Owners Seek End To Madoff Case

Jan 27 2012 | 11:55am ET

Having had most of the case against them junked, the owners of the New York Mets are going after the rest.

Fred Wilpon and Saul Katz yesterday asked U.S. District Judge Jed Rakoff to dismiss the remaining claims against them in the Bernard Madoff fraud-linked lawsuit. Madoff receiver Irving Picard, after the earlier dismissals, is seeking $386 million from the Mets owners, whom he claims were aware—or should have been aware—of Madoff's $65 billion Ponzi scheme.

In their filing yesterday, Wilpon and Katz said they had no idea that Madoff was ripping them and others off. What's more, Picard can't prove they did, a requirement that Rakoff has imposed on him. To that end, the owners presented testimony from the partner who handled their Madoff investments, Arthur Friedman, who said he was comfortable with Madoff, even though he couldn't figure out how Madoff made so much money.

It is unclear how much success the Mets owners will have this time in seeking the dismissal: When he tossed the rest of Picard's suit in September, Rakoff called the evidence for the trustee's remaining claims "less than overwhelming" but "sufficient" to avoid dismissal.

Picard made his own filing yesterday, asking Rakoff to rule on some of his remaining claims.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Artivest Announces Funding Round Led by KKR & Co.

May 4 2015 | 9:56am ET

Artivest, a startup that provides individual investors with access to private equity...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note