Showing posts with label Judge. Show all posts
Showing posts with label Judge. Show all posts

Monday, March 05, 2012

Mets Owners must pay up to $83 Million


The New York Mets' owners must pay up to $83 million to the trustee recovering
money for Bernard Madoff investors, a judge said Monday, though he expressed doubt that the trustee will succeed in proving at a trial this month that he's entitled to as much as $300 million more.

U.S. District Judge Jed S. Rakoff issued his four-page ruling to narrow the subject of a March 19 trial in Manhattan that results from Trustee Irving Picard's effort to force the club's owners to pay as much as $1 billion into a fund established to repay thousands of investors cheated of billions of dollars during Madoff's decades-long fraud.

Last year, Rakoff had ruled that the team's owners wouldn't owe more than $386 million to other Madoff investors. He made it clear then that they would likely owe up to $83 million but said the trustee must prove that the Mets' owners "willfully blinded" themselves to Madoff's fraud to get more.

His ruling Monday determined that the exact amount up to $83 million won't be left to the jury but will be decided by him in a future written decision, likely after he hears more from lawyers on both sides.

Rakoff rejected a request by lawyers for the Mets' owners to say Picard was not entitled to more money, a ruling that would have eliminated the need for the trial.

But he said he "remains skeptical that the trustee can ultimately rebut the defendants' showing of good faith."

He said he was concerned that much of the evidence offered by both sides in court papers so far would not be admissible at trial.

Friday, February 24, 2012

Judge will decide by March 5th if the Madoff-Mets case needs to go further


According to the Associated Press, A judge said Thursday he'll decide by March 5 if a trial is necessary to decide if the owners of the New York Mets were willfully blind to the multibillion-dollar fraud by financier Bernard Madoff.

US District Judge Jed Rakoff heard arguments from lawyers for more than two hours, questioning both sides at length. Afterward, he announced he'll take a few more days to decide whether a March 19 trial is necessary to decide the validity of claims by a trustee recovering money for cheated investors.

The court-appointed trustee, Irving Picard, sued the Mets owners, saying they had to know Madoff was acting illegally. Rakoff has already limited what the team's owners might have to pay to other Madoff investors to $386 million. The trustee had sought $1 billion.
Related Posts Plugin for WordPress, Blogger...