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Monday, March 05, 2012
U.S. District Judge Jed Rakoff refused today to dismiss the suit as baseball team owners Fred Wilpon and Saul Katz had asked. Rakoff ruled that Madoff trustee Irving Picard can claim as much as $83.3 million without a trial. Picard seeks another $303 million, and must prove to a jury that the Mets owners and other defendants were “wilfully blind” to the fraud.
“The court remains skeptical that the trustee can ultimately rebut the defendants’ showing of good faith, let along impute bad faith to all the defendants,” Rakoff said in his ruling in U.S. District Court in Manhattan. “The principal issue remaining for trial is whether the defendants acted in good faith when they invested in Madoff securities in the two years prior to bankruptcy or whether, by contrast, they wilfully blinded themselves to Madoff’s Ponzi scheme.”
So they’re likely out the $83mm, but looking pretty good on the rest. The Wilpons may survive yet. God help us all.
Posted: March 05, 2012 at 12:18 PM | 128 comment(s)
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