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JewishJournal.com

January 31, 2011

Mets’ owners slapped with Madoff ‘clawback’ lawsuit

http://www.jewishjournal.com/business/article/mets_owners_slapped_with_madoff_clawback_lawsuit_20110131

The trustee for the Bernard Madoff estate has sued the owners of the New York Mets, claiming they should have known the money made with Madoff was done so nefariously. 

Irving Picard, the trustee charged with recovering billions of dollars in assets stolen in Madoff’s Ponzi scheme, has filed a so-called “clawback” lawsuit against Fred Wilpon and his brother-in-law Saul Katz seeking hundreds of millions of dollars, The New York Times reported.

The lawsuit, which targets more than 100 of the assets controlled by WIlpon and Katz, seeks the more than $300 million they allegedly made through Madoff’s scam.

The lawsuit will claim that they looked past red flags about the nature of Madoff’s investments, including concerns raised by officials at Merrill Lynch and one of their investing partners, the Times reported.

Wilpon reportedly said he will sell off up to 25 percent of the team because of the lawsuit.

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