Monday, 15 September 2014
Last updated 5 hours ago
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.
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…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?