Reporting Juliet Papa
NEW YORK (CBSNewYork/AP) – A federal appeals panel in New York is holding off on a decision on 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.
Former Gov. Mario Cuomo tells 1010 WINS’ Juliet Papa he understand why the judge wants to mediate the case
The trustee has alleged in a 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.
A lawyer for the Mets owners’ firm, Sterling Equities, argued Thursday that the law allows them to whatever amount appeared on fictitious account statements.
The trustee’s attorney countered they’re owed only principle — the money they gave to Madoff that was never invested.
Former Gov. Mario Cuomo listened intently to the legal arguments in the courtroom Thursday. He has been appointed to work out an agreement between the trustee and the Mets owners.
“Everything you hear, how complicated it is, how many open issues there are, you understand why the judge said, ‘Look, let’s try to mediate this thing,’” Cuomo told 1010 WINS’ Juliet Papa in an exclusive interview.
“Mediation and the hope for a settlement instead of endless litigation is an intelligent thing,” Cuomo said.
Madoff admitted his investment advisory firm was a giant Ponzi scheme. He’s serving 150 years in prison.
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