Mets Owners Near Deal Over Madoff Losses In 401(k) Plans

Law360, New York (November 2, 2011, 8:04 PM EDT) -- Attorneys for the New York Mets' owners said Tuesday they were close to settling a putative class action over the alleged loss of $16.2 million in employee retirement funds through investments with convicted Ponzi schemer Bernard L. Madoff.

“The parties have reached an agreement in principle identifying the primary terms of a settlement of this action,” attorneys for plaintiff Elyse Goldweber and the defendants said in a letter filed in New York federal court. Further details on the potential settlement were not immediately available Wednesday....
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