Bloomberg News

Rye Portfolio Seeks to Move Madoff Trustee Suit, Cites Mets Case

September 29, 2011

Sept. 29 (Bloomberg) -- Rye Select Broad Market XL Portfolio Ltd., sued by the liquidator of Bernard Madoff’s firm, asked a federal district judge to take the case out of U.S. bankruptcy court, citing a ruling on the trustee’s $1 billion lawsuit against the owners of the New York Mets.

Cayman Islands-based Rye is a defendant in a larger lawsuit involving transfers of funds allegedly originating at the Madoff money management firm, via swap transactions, according to trustee Irving Picard’s lawsuit. Picard demands the return of $400 million from Rye Portfolio.

To contact the reporter on this story: Linda Sandler in New York at

To contact the editor responsible for this story: David E. Rovella at

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