Mets owners settle Madoff case
Will pay $162m to Ponzi scheme victims, avoid trial
Fred Wilpon and Saul Katz, the owners of the New York Mets, on Monday settled the federal lawsuit brought against them by Irving H. Picard, the trustee for the victims of Bernard L. Madoff’s Ponzi scheme, for $162 million. Picard, in turn, dropped all claims that the men turned a blind eye to warnings that Madoff was operating a fraud during their many years of investing with him. The agreement, which must be approved by the court, is a significant victory for Wilpon and Katz. In addition to no longer having to fight a costly and damaging legal battle against a well-heeled opponent, they are now obligated to pay a fraction of the $1 billion the trustee originally sought.