Trial date set for Madoff trustee vs. Mets execs

A March trial date has been set for a jury to hear a $1 billion US claim against the New York Mets' executives by the trustee recovering money for cheated investors of Bernard Madoff.

U.S. District Judge Jed Rakoff set the March 5 trial date at a Friday hearing.

He heard arguments from both sides on a request by lawyers for Mets' owner Fred Wilpon and others that he toss out the lawsuit brought by Trustee Irving Picard.

They denied Picard's claim that the executives should have known that $300 million they collected from Madoff represented phoney profits.

The trustee wants them to pay a $700 million penalty, too.

Rakoff said he'll rule next month.

Madoff is serving a 150-year sentence after admitting to defrauding investors of billions of dollars.