Bloomberg writes: the New York Mets owners have to give up as much as $83 million in illegal profits from Bernard Madoff’s Ponzi scheme and face a trial over another $303 million of their own money to determine if they acted in bad faith, a judge ruled.
U.S. District Judge Jed Rakoff refused today to dismiss the suit as baseball team owners Fred Wilpon and Saul Katz had asked. Rakoff ruled that Madoff trustee Irving Picard can claim as much as $83.3 million without a trial. Picard seeks another $303 million, and must prove to a jury that the Mets owners and other defendants were “wilfully blind” to the fraud….
Find out more at http://www.businessweek.com/news/2012-03-05/mets-owners-head-to-trial-over-madoff-suit
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