The owners of the New York Mets baseball team will learn by March 5 whether they will have to go to trial on allegations they were "willfully blind" to a decades-long fraud by convicted Ponzi scheme operator Bernard Madoff. According to a Wall St Journal report.
Irving Picard, the court-appointed trustee seeking to recover money for Madoff victims, has alleged that Mets owners, Fred Wilpon andSaul Katz, and their business partners ignored red flags and other warning signs that Mr. Madoff was carrying out a fraud. Messers. Wilpon and Katz have asked that Mr. Picard's case be dismissed.
A federal judge said Thursday that he will decide by early next month whether the dispute will go to trial. Jury selection is expected to begin in the case on March 19. "I'll have a bottom line ruling by no later than March 5 determining what goes to trial," U.S. District Judge Jed S. Rakoff said.
Lawyers for Messers. Wilpon and Katz have argued that the Mets owners entrusted Mr. Madoff with their money and had no reason to suspect he was carrying out a massive Ponzi scheme. The Mets owners have said they were victims…
Find out more at http://online.wsj.com/article/SB10001424052970203918304577241971442942342.html?mod=WSJ_business_whatsNews
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