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Closing Bell

Madoff Trustee Picard Seeks More Than $300M From Mets Owners

The trustee for victims in the Bernie Madoff-led Ponzi scheme is seeking to recover more than $300M in losses from Mets Owners Fred Wilpon, Jeff Wilpon, Saul Katz and their firm Sterling Equities, according to court documents unsealed Friday in N.Y. In the extensive, 365-page clawback lawsuit, trustee Irving Picard is seeking $295.47M in what he claims as "fictitious profits," $14.2M in "transfers of principal," and $12M in "fraudulent transfers of payments." Settlement talks between the Mets owners and their lawyers and Picard broke down this week after an angry back-and-forth volley in various media outlets between the two camps.

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