Irwin Picard, The Madoff Trustee Sues Mets’ Owners Wilpon And Katz

March 21, 2011 — Irvin Picard, the Madoff trustee sued Fred Wilpon and Saul Katz, seeking the return of fraudulent conveyances of $1 billion, on December 2, 2010. Picard alleged that Sterling Equities, controlled by Wilpon and Katz should have known about the fraud. On March 20, 2011, Wilpon and Katz filed a motion to dismiss and issued a joint statement: “Let us be very clear, we did not know that Madoff was engaged in a fraud. There were no red flags and we received no warnings”. Former New York Governor, Mario Cuomo is the mediator in the case.