JUPITER, Fla. -- The owners of the New York Mets fired back Sunday, filing their response in U.S. Bankruptcy Court to a $1 billion lawsuit alleging they knew, or should have known, Bernard Madoff was operating a Ponzi scheme.
Trustee Irving Picard's suit seeks $300 million in what he labels "fictitious profits" -- money team owners Fred and Jeff Wilpon and Saul Katz withdrew over the principal they invested. Picard also seeks $700 million in principal because, he alleges, the Wilpons acted with disregard to indications Madoff was acting improperly.
Picard is charged with recovering money for Madoff victims who lost principal.
Read the full ESPN story, "Mets owners say lawsuit 'work of fiction.'"