The New York Mets owners will pay $162 million to settle a $303 million lawsuit by the liquidator of Bernard Madoff’s firm, just before they were due to go to trial for allegedly ignoring the fraud. Fred Wilpon, Saul Katz and related defendants reached the settlement with the liquidator, trustee Irving Picard, on March 16, U.S. District Judge Jed Rakoff in Manhattan said today. The settlement has to be approved by a bankruptcy court judge, Rakoff said. The Mets owners will pay the money over a period of five years, Rakoff said.
via Mets Owners Settle Madoff Trustee Case for $162 Million – Bloomberg.
