Showing posts with label $1 Billion. Show all posts
Showing posts with label $1 Billion. Show all posts

Tuesday, September 27, 2011

Breaking News: Federal Judge throws out part of a $1 Billion Lawsuit against owners of the New York Mets


According to Reuters,  a Manhattan federal judge on Tuesday threw out part of a $1 billion lawsuit against owners of the New York Mets baseball team by the trustee seeking money for victims of Bernard Madoff's Ponzi scheme.

U.S. District Judge Jed Rakoff dismissed all but two claims by the trustee Irving Picard against the Mets owners, including Fred Wilpon, Saul Katz and others at Sterling Equities.

One of the claims alleges actual fraud. The other would require the defendants' claims against the bankruptcy estate of Madoff's firm to be subordinated to those of others.

A spokeswoman for Picard said the trustee had no comment pending a "thorough evaluation" of the opinion. Lawyers for the Mets owners were not available for comment.

Mario Cuomo, the former New York governor mediating the dispute, also had no immediate comment.

Friday, March 18, 2011

Mets getting sued for $1 Billion, Not $300 Million


CNBC's Darren Rovell is reporting that the trustee suing on behalf of victims of Bernie Madoff has amended his complaint against Sterling Equities and Fred Wilpon to seek $1 billion in what he believes are illegal profits earned by the firm through Madoff investments.

The previous complaint was asking for $300 million. According to Rovell, the Mets owners call the charges a "work of fiction."

Irving Picard amended the complaint to account for an "interest- and cost-free" loan given by Madoff to Sterling, which also owns the New York Mets. That loan eventually became SNY, the successful regional cable network ... that the team now can't sell to pay their legal bills.

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