News Column

Mets Settle Madoff Trustee Suit for $162M

March 19, 2012

The owners of the New York Mets Monday settled a lawsuit brought by the trustee for the victims of Ponzi scheme operator Bernard Madoff for $162 million.

The binding agreement was announced before a federal jury trial was scheduled to begin in New York, The New York Times reported.

Court-appointed trustee Irving Picard had accused Mets owners Fred Wilpon and Saul Katz of ignoring warnings that Madoff was defrauding investors while they invested with him over many years. Wilpon and Katz said they had no indication of trouble and countered that Picard lied and and distorted evidence against them.

The $162 million will be paid to victims from money Wilpon and Katz expect to recover as a "net loser" of the Madoff scheme, the Times said.

The federal judge had already ordered Wilpon and Katz pay $83 million in advance of the scheduled trial.

Madoff is serving a 150-year prison sentence. He pleaded guilty to fraud in 2009.

Source: Copyright United Press International 2012

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