Mets Owners To Pay $162M To Settle With Madoff Trustee

Law360, New York (March 19, 2012, 10:36 AM EDT) -- The owners of the New York Mets have agreed to pay $162 million to settle a $303 million lawsuit claiming that they were willfully blind to Bernard L. Madoff's Ponzi scheme, plaintiff and Madoff investment firm trustee Irving Picard said Monday.

The compromise settlement between the Mets owners and the trustee heads off what was an expected 10-day jury trial that would have begun Monday morning. The $162 million payment represents all the fictitious profits Mets owners Fred Wilpon, Saul Katz and others withdrew from Bernard...
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