Madoff Decision is Significant Setback for Owners of MetsAugust 16, 2011 – In The News
The Mets and their owners have been fighting an enormous claim brought on by the trustee on behalf of victims of Bernie Madoff's fraud that could potentially cost them up to $1 billion dollars. As investors in Madoff's now scandalous funds, the Mets have come under hot water from the trustee for the victims for allegedly not recognizing fraud -- although some would say the Mets are victims themselves.
Michael Kline said that owners Wilpon and Katz were "vulnerable, visible victims" and that the trustee "perhaps will go forward to get the $300 million and perhaps more."
The Mets will continue to fight the battle and have asked that Judge Jed S. Rakoff dismiss the case.