The trustee liquidating Bernard Madoff’s former firm asked a U.S. judge not to dismiss civil racketeering claims from a $58.8 billion lawsuit against Bank Medici AG founder Sonja Kohn and UniCredit SpA’s Bank Austria.
Bernard Madoff’s investors could lose $3 billion if the liquidator of the con man’s firm doesn’t succeed in overturning a judge’s ruling that dismissed much of his $1 billion claim against the owners of the New York Mets.
Lawyers for victims of Bernard L. Madoff ’s Ponzi scheme told an appeals court that the trustee liquidating the con man’s former firm is using the wrong method to determine who should recover part of the money they lost.
A lawyer for the trustee liquidating the estate of Bernard L. Madoff said Mets owners Fred Wilpon , Saul Katz and the Sterling Equities Inc. partners “refuse to return” $300 million in “other people’s money” received from the jailed con man.
JPMorgan Chase & Co.’s $543 million settlement with the trustee for Bernard Madoff’s defunct firm was approved by the judge overseeing its liquidation, ending a case in which thousands of investors accused the bank of turning a blind eye to the U.S.’s biggest Ponzi scheme.