Report: Mets And Madoff Trustee Reach $162 Million Settlement
The New York Mets ownership have settled with the trustee for Bernie Madoff’s victims Monday for $162 million, according to ESPN New York.
As part of the stipulation for the settlement, the cash strapped owners of the New York Mets will not have to pay anything for the next three years. A jury had been selected for the civil case, and the trial was slotted to begin today.
The trustee had been seeking damages from the Wilpons, one of the few clients of Madoff’s who allegedly managed to make money in the long run from his now infamous Ponzi scheme. Earlier this month, a judge ordered Wilpon to return $83 million in “fictitious profits.” The trustee was also seeking another $303 million from the family for “willful blindness.” The lawsuit has forced the Mets to sell small blocks of partial ownership in the team in an effort to raise money. Last year the team was forced to take out a $20 million loan from Major League Baseball, and a $40 million loan from Bank of America.