According to Anthony Destefano Newsday, a new court filing shows the trustee in the Bernie Madoff case, Irving Picard, is seeking $83 million in a “partial summary judgment” from Wilpon/Katz before their March 19 trial.
According to Destefano, Picard says that because the Wilpons and their partners received the $83 million within two years of Madoff’s collapse, the law requires they turn that money over so it can be “distributed fairly among the thousands of defraud customers of [Madoff].”
Last January, Picard sued Wilpon/Katz for $1 billion alledging they knew or should have known about Madoff’s scam. However, Judge Jed Rakoff ruled last September Picard can only attempt to recover $83 million in profit and approximately $300 million in principal from Wilpon/Katz.
For more, check out Newsday.
