NEW YORK (AP) — A federal appeals court in New York is hearing a challenge by former clients of Bernard Madoff’s fraud on how a trustee is calculating gains and losses. Among the thousands of former Madoff clients are the owners of the Mets.
The trustee has alleged in a so-called clawback lawsuit that the team owners made $300 million more than they invested. He wants them to return the sum to compensate investors who lost their original investments. Those who came out winners in the scheme claim they were in the dark about it and have a right to keep their profits.
Arguments were scheduled for Thursday. A ruling is not expected for months.
Madoff is serving 150 years in prison after admitting his investment advisory firm was a giant Ponzi scheme.
