New York MetsIrving Picard, the trustee charged with recovering assets on behalf of Bernie Madoff's victims, sued the owner of The New York Mets.

The suit against Sterling Equities, a real-estate developer, was sealed as the parties are currently in negotiations, CNN said. The suit was filed in U.S. bankruptcy court in New York.

"We are currently engaged in good-faith negotiations with the Sterling Defendants," Picard's law firm said in a statement.

Picard has filed lawsuits against hundreds of defendants saying they profited from Madoff's giant Ponzi scheme, withdrawing more than they invested. He's seeking damages on behalf of those who lost money on their investments.

Sterling Equities declined to comment on the case but assured fans that the Mets' finances were not under threat.

"Regardless of the outcome of these discussions, we want to emphasize that the New York Mets will have all the necessary financial and operational resources to fully compete and win. That is our commitment to our fans and to New York," Sterling Equities said in a statement.

One Madoff client, Carl Shapiro, agreed Tuesday to pay $625 million that will be made available to Madoff victims.

"For almost 40 years, Carl Shapiro invested hundreds of millions of dollars with Bernie Madoff but withdrew far more," Manhattan U.S. Attorney Preet Bharara said in a statement. "By requiring him to forfeit this money -- more than he is currently worth -- the Government and the SIPA Trustee have sent an important message."

Madoff is currently serving a 150-year prison sentence in North Carolina.

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Howard Danzig

Irving Picard is sueing everyone but the S E C . They were warned years ago abt the ponzi scheme and turned the other cheek

December 13 2010 at 10:59 AM Report abuse rate up rate down Reply
crimson00king

Let them give tax breaks to the rich NOW ALL AMERICANS KNOW WHO THE GOP IS WORRIED ABOUT AND THAT IS THE RICH 1 percent of America. I just love it when the tan man Boehnor crys on cue for the rich. I believe Americans are wise to the GOP now and 2012 when the younger voters return to the polls THE GOP will be SENT PACKING. Enjoy it while it last fellows.

December 12 2010 at 10:37 PM Report abuse rate up rate down Reply
rabhit6

I'm not rich. Matterfact, I'm poor. But I wonder the fairness in making Mr. Shapiro repay more than he is worth. 40 years of investing with Madoff is a long time commitment. There is risk in all investing. Though it was a Ponzi scheme, folks could have lost a lot more had it been legit. I just don't think its fair. He is most definitely being used as an example.

December 11 2010 at 2:52 PM Report abuse rate up rate down Reply
ryacenda

he would have tken his own life!

December 11 2010 at 2:47 PM Report abuse rate up rate down Reply