Bloomberg News

Mets Owners Should Share Madoff Money With Others, Picard Says

November 05, 2011

Nov. 4 (Bloomberg) -- The owners of the New York Mets benefited unfairly from Bernard Madoff’s Ponzi scheme because they got $1 billion in principal and profit while other investors lost money, the liquidator of Madoff’s firm told a judge.

Trustee Irving Picard told U.S. District Judge Jed Rakoff, who cut Picard’s potential claims on the Mets owners by two- thirds, that the original $1 billion lawsuit conformed to the law governing trustees, according to a court filing today.

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: Mary Romano at mromano6@bloomberg.net


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