Mets Owners To Pay $6.5M To End Workers' Madoff Losses Suit

Law360, New York (March 26, 2012, 1:38 PM EDT) -- The owners of the New York Mets have reached a $6.5 million settlement with a putative class of workers and beneficiaries from their company Sterling Equities Associates over the alleged loss of employee retirement funds through investments with Ponzi schemer Bernard L. Madoff, the plaintiffs said Friday.

Under the terms of the agreement, defendants Sterling Equities Associates, Fred Wilpon, Arthur Friedman and Michael Katz have agreed to pay $6.5 million, less certain fees and expenses, to eligible members of the settlement class who agree to release...
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