Judge dismisses most counts in Mets' Madoff trial
A federal judge dismissed most counts of a $1 billion suit against the owners of the New York Mets baseball team Tuesday that stemmed from the club's involvement in Bernie Madoff's Ponzi scheme.
The lawsuit, filed by a court appointed trustee, is not only seeking $300 million in profits the Mets gained from their investments with Madoff, but also goes after the $700 million in principal that the owners deposited and then withdrew from Madoff's firm.
Judge Jed Rakoff dismissed 9 of 11 charges in the case,Cheap rolex watches which is being heard in U.S.,wholesale authentic nfl jerseys, District Court in New York.
Irving Picard, the trustee in the case,Coach handbag had alleged that the Mets' owners were willfully blind to the fraud, seeing statement after statement of excellent returns from Madoff and tapping their account when they wanted funds.
The Mets owners had sought to have the lawsuit dismissed as "illegitimate."
Like many of the other investors who have been sued by Picard, they claim they did not know what Madoff was up to and they would not have knowingly participating in a Ponzi scheme.anime figure
While most counts were dismissed, the Mets could still be on the hook for massive damages.
Under one count that was not thrown out, the trustee can recover the Mets' profits by "simply proving that the defendant did not provide value for the monies received."
A federal judge dismissed most counts of a $1 billion suit against the owners of the New York Mets baseball team Tuesday that stemmed from the club's involvement in Bernie Madoff's Ponzi scheme.
The lawsuit, filed by a court appointed trustee, is not only seeking $300 million in profits the Mets gained from their investments with Madoff, but also goes after the $700 million in principal that the owners deposited and then withdrew from Madoff's firm.
Judge Jed Rakoff dismissed 9 of 11 charges in the case,Cheap rolex watches which is being heard in U.S.,wholesale authentic nfl jerseys, District Court in New York.
Irving Picard, the trustee in the case,Coach handbag had alleged that the Mets' owners were willfully blind to the fraud, seeing statement after statement of excellent returns from Madoff and tapping their account when they wanted funds.
The Mets owners had sought to have the lawsuit dismissed as "illegitimate."
Like many of the other investors who have been sued by Picard, they claim they did not know what Madoff was up to and they would not have knowingly participating in a Ponzi scheme.anime figure
While most counts were dismissed, the Mets could still be on the hook for massive damages.
Under one count that was not thrown out, the trustee can recover the Mets' profits by "simply proving that the defendant did not provide value for the monies received."
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