March trial set for Madoff trustee vs. NY Mets
Saturday, August 20, 2011
NEW YORK (AP) — A March trial date has been set for a jury to hear a $1 billion claim against the New York Mets by a trustee recovering money for cheated investors of Wall Street swindler Bernard Madoff (MAY’-dawf).
A U.S. District Court judge set the March 5 trial date at a Friday hearing.
The judge heard arguments from both sides on a request by lawyers for Mets owner Fred Wilpon and other executives to toss out the lawsuit brought by trustee Irving Picard. The lawyers denied Picard’s claim the executives should’ve known $300 million they collected from Madoff represented phony profits.
The trustee wants the executives to pay a $700 million penalty, too.
The judge says he’ll rule next month.
Madoff pleaded guilty to fraud charges and is serving a 150-year prison sentence in Butner, N.C.