Originally posted on Mets Merized Online  |  Last updated 3/5/12
Judge Jed S. Rakoff of the US District Court in Manhattan is scheduled to issue a ruling today in the $386 million clawback lawsuit filed by the trustee Irving Picard against Fred Wilpon and Saul Katz. If the judge finds that there is not enough evidence to prove that the Mets owners willfully blinded themselves to the Ponzi scheme, Rakoff could grant the motion for summary judgment filed by the Mets’ owners and have the suit tossed. If that happens, there will be no trial and it would prevent the trustee from going after the $300 million in principal. However, if the judge rules against the Mets owners, the case will go to trial beginning March 19 as scheduled and the jury selection process will begin. The judge is also expected to rule on the trustee’s motion to recover the $83 million in fictitious profits the Mets owners received from their Madoff accounts. Picard is seeking to recover this money before the start of the trial. The judge’s rulings are not expected to be announce...
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