“Sterling Equities Associates, the umbrella organization of the Wilpon family and other team owners, asked the nation’s high court to review a major ruling by a federal appeals court over which Madoff investors can recover some of their losses from a special fund,” reports Newsday.
According to the report, it will take four to five months for the Supreme Court to decide whether or not to take the case. And if they do take it, they won’t listen to arguments until early 2013.
Last January, Irving Picard, the trustee in the Bernie Madoff case, sued Fred Wilpon and Saul Katz for $1 billion alleging they knew or should have known about Madoff’s scam. However, Judge Jed Rakoff ruled last September that Picard can only attempt to recover $83 million in profit and approximately $300 million in principal. Last month, Destefano said a new court filing showed Picard is seeking $83 million in a “partial summary judgment” from Wilpon/Katz prior to their March 19 trial.
