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, according to a Wall St Journal report.
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owners' principal investment in the Ponzi scheme, the ruling indicated that he would only be able to take back money withdrawn in the last two years of the fraud, a decision that could also benefit others against whom he had launched so-called clawback suits.
Judge Rakoff's decision comes after nearly a year of contentious legal wrangling between Mr. Picard and the team's owners,…
http://online.wsj.com/article/SB10001424052970204831304576597234051153172.html?mod=WSJ_hp_LEFTWhatsNewsCollection
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