Wednesday, March 14, 2012
Burden on Wilpons to prove good faith
By Adam Rubin
In a major ruling Wednesday heading into next week's trial, U.S. District Court Judge Jed S. Rakoff threw a curveball to the defense team in the $386 million lawsuit against Fred Wilpon, his family, businesses and charities.
Five days before jury selection is set to begin in the civil trial in U.S. District Court in lower Manhattan, Rakoff ruled the burden is on the Wilpons to convince a jury they did not act in “bad faith” when they profited from convicted swindler Bernard Madoff’s Ponzi scheme.
The burden will not be on trustee Irving Picard, who brought the lawsuit, to prove the Wilpons were “willfully blind” to the Ponzi scheme.
Read the full news story here.