Ruling On Tossing Suit vs. Wilpons Will Wait

August 19, 2011 – In The News

As the case between the Wilpon family and trustee Irving Picard rolls on, the Wilpons' continue to challenge the Second Circuit appeals court ruling that states a loser in a Ponzi scheme invests more money than they withdrew, which intuitively means that a winner who has to return money is defined as someone who withdrew more money than they invested.

"Clawback is the other side of the coin of the Net Investment Method adopted by the Second Circuit case and would suggest that such recovery by the Trustee is available in an appropriate case," said Michael J. Kline.

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