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March trial set for Madoff trustee vs. NY Mets

March trial set for Madoff trustee vs. NY Mets

August 20th, 2011 in News

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.