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Wilpon sued by Madoff trustee

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Real estate investor Fred Wilpon and his Sterling Equities were hit with a lawsuit today by the trustee overseeing the recovery of funds for victims of Bernie Madoff’s Ponzi scheme, according to the Wall Street Journal. The lawsuit was filed under a seal, but Sterling Equities is among those Madoff investors that trustee Irving Picard has said emerged from the scandal with net gains. In a court filing last year, Picard had said that a partnership associated with Wilpon’s New York Mets deposited a total of $523 million with Madoff and ultimately came away with around $571 million. Picard and Sterling are currently negotiating a settlement, they said. With the two-year anniversary of Madoff’s arrest approaching, Picard has recently been filing lawsuits against investors who allegedly received false profits from the scheme at a rapid pace. That anniversary, Dec. 11, is the federal bankruptcy court deadline for such claims against investors. [WSJ]

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Bernie MadoffFred WilponSterling Equities