From the Daily News:
If Fred Wilpon and Saul Katz are going to retain control of the Mets, and their family's fortune, their best hope may be legislation introduced last week by a New York congressman.
Rep. Gary Ackerman's bill would bar bankruptcy trustees such as Irving Picard, the Madoff trustee who filed a $1 billion lawsuit against the Mets owners in December, from suing investors victimized by a Ponzi scheme unless the trustee could prove they participated in the scam.
Under the Ponzi Scheme Investor Protection Act of 2011 sponsored by Ackerman (D-NY), the only investors who would face "clawback" litigation would be investors whom the trustee can legally establish were complicit in a Ponzi scheme or negligent investment professionals. Trustees are currently permitted to sue Ponzi scheme victims even if they did not have involvement or knowledge of the fraud - and the Mets' owners say they did not.
If Ackerman's bill passes, it would be applied retroactively, which means Picard would have to drop the suit against the Mets' owners or prove that Wilpon and Katz were complicit in Madoff's $64 billion scam.
The measure was sent to the House Financial Services Committee. Ackerman said it will be an uphill battle to win congressional approval for the bill.
"Whether rich people make money or lose money, they get no sympathy from the public," Ackerman said.