Mets Owners Score Important Victory in Madoff Case
Joseph H. Huston, Jr.
Journal of Corporate Renewal
The recent $162 million settlement agreed to by Irving Picard, the trustee for liquidation of Bernard L. Madoff Investment Securities, and Fred Wilpon, Saul Katz, and numerous family members and related entities, including the New York Mets, garnered plenty of headlines. Somewhat lost in the shuffle was the holding by Senior U.S. District Court Judge Jed S. Rakoff relating to the good faith defense available to recipients of transfers made with actual intent to hinder, delay, or defraud creditors. That holding could have significant impact in other “actually fraudulent” fraudulent transfer cases.