Mets Owners Must Pay, Go to Trial

March 6, 2012 – In The News

U.S. District Court Judge Jed S. Rakoff ruled Monday that Mets principal owner Fred Wilpon, his family, businesses and charities must pay as much as $83.3 million to the trustee trying to recover funds to net losers in Bernard Madoff's Ponzi scheme. He also ruled that the sides will go to trial March 19 over an additional $303 million that trustee Irving Picard is seeking.

In explaining why the $83 million figure is a cap but not the precise amount the Wilpons may owe in Ponzi scheme profits, bankruptcy attorney Michael J. Kline of Fox Rothschild LLP explained: "Judge Rakoff will entertain further briefing on whether Picard's calculation is correct, and in any event against whom of the many defendants the ultimate amounts will be divided and assessed."

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