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Madoff Trustee's Amended Complaint - More Bad Stuff 'bout the Mets (Owners)

Irving Picard, the trustee overseeing the liquidation of Bernard L. Madoff Investment Securites ("BLMIS") , has filed an amended complaint (the "Amended Complaint") that seeks to buttress his allegations against Fred Wilpon and Saul Katz, the owners of the New York Mets, and...

Judge Rakoff Squeezes Strike Zone for Madoff Trustee

Judge Jed S. Rakoff last week largely sided with Fred Wilpon and Saul Katz, the owners of the New York Mets , and their families and affiliated enterprises (the "Wilpon/Katz Group") on their motion to dismiss the adversary proceeding brought by Irving Picard, the trustee of Bernard L....

Ponzi Victims Pitted Against Each Other: Madoff Trustee v. California Attorney General

"An under-appreciated evil of substantial frauds . . . is how they pit their victims against one another." United States v. Dreier , 682 F. Supp. 2d 417, 418 (S.D.N.Y. 2010). In the typical Ponzi case, some victims may employ strategies to seek advantage over other victims. These may...

NY Times Column Criticizing Madoff Trustee Flawed on Many Levels

A recent New York Times article by Andrew Ross Sorkin severely and unfairly criticizes Irving Picard, the trustee for the Bernard L. Madoff Ponzi scheme. It states, "Mr. Picard has had much more success collecting money for himself and a dozen law firms and consultants than any victim of Mr...

Madoff Trustee Meets Stern v. Marshall

In connection with the SIPA proceeding of Bernard L. Madoff Investment Securities, LLC, the district court issued its ruling on whether the U.S. Supreme Court decision in Stern v. Marshall , 131 S. Ct. 2594, 180 L. Ed. 2d 475 (2011), prohibits the bankruptcy court from issuing a final ruling on a...

Madoff’s Brother Agrees to $90M Settlement in Trustee Lawsuit

NEW YORK - (Mealey's) The brother of convicted Ponzi scheme mastermind Bernard L. Madoff has agreed to pay more than $90 million to settle claims that he participated in his brother's massive Ponzi scheme but could escape any payment under a consent order filed Feb. 6 in a New York federal...