Fred Wilpon, Saul Katz and other principals at Sterling Equities said the trustee, Irving Picard, cannot show they knew they were enabling Madoff to commit fraud at Bernard L. Madoff Investment Securities LLC, where they were customers.
The Sterling defendants “were betrayed by a friend and realized an aggregate loss of over half a billion dollars” on Dec. 11, 2008, the day Madoff’s fraud became known, a filing in Manhattan federal court shows.
Read more: Mets owners ask judge to dismiss $1B Madoff suit — New York Post
