Author Topic: Madoff Decision Is Significant Setback for Owners of Mets  (Read 492 times)

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Offline Kevrock

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Mets agree to pay 162 million.

http://money.cnn.com/2012/03/19/news/companies/madoff-mets/index.htm?iid=HP_LN&hpt=hp_t1

Quote
NEW YORK (CNNMoney) -- The owners of the New York Mets have agreed to pay a total of $162 million to the court-appointed trustee in the Bernard Madoff Ponzi scheme, according to the federal court handling the case.

Trustee Irving Picard, who is in charge of recovering assets stolen in Madoff's pyramid-style scheme, had sued the owners -- including Saul Katz, Fred Wilpon and the holding company Sterling Equities -- for $303 million.

That was in addition to the up to $83 million that Judge Jed Rakoff had earlier ruled that the Mets' owners were liable in the case.
The settlement was announced Monday just as jury selection was scheduled to begin at U.S. District Court in the Southern District of New York in a trial on the trustee's claim. The settlement negates the need for a court case.