NU Online News Service, June 23, 9:55 a.m. EST
Owners of the New York Mets say they did not look into buying insurance coverage to protect their investments with Bernard L. Madoff, now convicted for running a Ponzi scheme.
Irving H. Picard, a trustee seeking money for Madoff’s victims via a $1 billion lawsuit, alleges that since Mets' owners Fred Wilpon and Saul Katz of Sterling Equities sought insurance in 2001 to protect investments with Madoff, they were on "inquiry notice" of the fraud, according to court papers filed in U.S. Bankruptcy Court in the Southern District of New York.
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