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Southern District Judge Jed S. Rakoff has narrowed the $1 billion lawsuit brought by bankruptcy trustee Irving Picard as he seeks to recover money that the owners of the New York Mets received in the Bernard L. Madoff Ponzi scheme. In an 18-page opinion yesterday, the judge dismissed all claims against Fred Wilpon and Saul Katz save those alleging actual fraud and equitable subordination. Thrown out were claims under New York law and “all claims predicated in principles of preference or constructive fraud under the Bankruptcy Code.” The judge also narrowed the standard of recovery under the remaining claims for Mr. Picard of Baker & Hostetler, who is charged with liquidating Bernard L. Madoff Investment Securities.

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