Thursday, February 03, 2011

Settlement talks between Mets & Bernard Madoff trustee end


Bernard Madoff's mugshot
A lawyer for the trustee trying to recover money for the victims of the Bernard Madoff Ponzi scheme says negotiations have ended to settle a lawsuit filed against the New York Mets owners and their affiliated companies.


David J. Sheehan, a lawyer for trustee Irving H. Picard, sent a letter to Judge Burton R. Lifland of U.S.

Bankruptcy Court in Manhattan today asking that he unseal the lawsuit filed Dec. 7 against Fred Wilpon, Jeff Wilpon, Saul Katz and dozens of entities and people connected to the Mets and Sterling Equities.

Karen E. Wagner, a lawyer for the Mets owners, said in a letter to Lifland later today that her clients no longer opposed unsealing the suit.

A Feb. 9 hearing had been scheduled on a motion to unseal the suit filed by The New York Times and WNBC.

Sheehan wrote the defendants "have affirmatively taken action to try this case in the press and the court of public opinion."

"Defendants cannot cry confidentiality to this court while publicly attacking the complaint and continuing to frustrate the public's right to know the contents of the same complaint they disparage," he wrote.
Wagner, in her letter, wrote that settlement discussions ended after two unidentified lawyers violated court orders and disclosed confidential information to the Times, which reported the suit sought to recover $300 million in what Picard called fictitious profits.

"As a result, one-sided and misleading information was publicly disseminated both about the complaint and the defendants," Wagner wrote, adding that the complaint contained "unfounded conclusions."
Enhanced by Zemanta
Related Posts Plugin for WordPress, Blogger...