Tag Archives: Ponzi

On March 19, 2012, the day the trial of the lawsuit by Irving Picard, the bankruptcy trustee in the Madoff case, against the owners of the Mets was to begin, the parties reached a settlement of Picard’s claims.  The material terms of the settlement were placed on the record before District Court Judge Jed Rakoff.  A transcript of the proceeding can be found here. Under the settlement, which is subject to Court approval on motion under Rule 9019 of the Federal Rules of Bankruptcy Procedure, Picard is to be paid $162 million in satisfaction his claims against Saul Katz and […]

A judge’s ruling that slashed a billion-dollar claim against the owners of the New York Mets three days ago is already being used as a weapon by other defendants in lawsuits brought by the liquidator of Bernard Madoff’s firm. Safra National Bank of New York yesterday asked a bankruptcy judge to dismiss a suit by trustee Irving Picard, citing U.S. District Judge Jed Rakoff’s Sept. 27 ruling. Rye Select Broad Market XL Portfolio Ltd., based in the Cayman Islands, separately asked a federal district judge to take its Madoff suit out of U.S. bankruptcy court, citing Rakoff’s decision in the […]

In a ruling that could have a far-reaching impact on lawsuits seeking money for Bernard Madoff‘s victims, a federal judge threw out the bulk of claims by a court-appointed trustee who sought to recover about $1 billion from the owners of the New York Mets baseball team. The decision by U.S. District Judge Jed Rakoff limited—though didn’t eliminate—possible financial ramifications from the epic Ponzi scheme for one of Major League Baseball’s most valuable franchises.Beyond making it harder for trustee Irving Picard to recover the owners’ principal investment in the Ponzi scheme, the ruling indicated that he would only be able […]