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Update to Madoff Victims vs. Mets’ Owners Case

February 24, 2012

We have an update to our post from February 2, 2012, titled, Madoff Victims vs. The New York Mets’ Owners: Issues with Expert Witnesses. Since publishing that post, Judge Jed S. Rakoff , who has presided over the Madoff Victims vs. Mets’ owners case (a $386 million clawback lawsuit), has cut three expert witnesses from testifying–two on the trustee’s side and John Maine from the defense. This action by Judge Rakoff followed suspicion by the trustee (as stated in our post), that Main may not be qualified or have the appropriate credentials to testify as an expert witness for this particular case. In our previous post, the trustee in this case, Irving H. Picard, was quoted as saying,

“Maine had been too long removed from a full-time financial post, and he even cited Maine’s failed attempt at running a trout farm. Picard contends that Maine’s work as a stockbroker and office executive in the 1970s and ’80s, and his “brief stint trying to raise trout,” were “outside the scope of the issues to be tried to the jury in this litigation.”

As of today, according to ESPN’s blog,

“Rakoff pledged to rule within 11 days whether to toss the case — which the Wilpons’ attorneys have requested — or to award the trustee $83 million even before the March 19 trial is scheduled to begin”

To read the complete article from ESPN, please click here: Judge Tosses Witnesses, Considers Motions.

Rubin, Adam. Judge Tosses Witnesses, Considers Motions. ESPN Blog. February 24, 2012.

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