New York, NY – The ownership of the New York Mets has settled a lawsuit filed by a trustee of the victims in the Bernard Madoff fraud scheme.
Irving Picard, a court appointed trustee assigned to recover money for those affected by the scheme, implicated Mets owner Fred Wilpon and team president Saul Katz in the lawsuit.
Jury selection was set to begin in a civil trial on Monday, but the New York Daily News reported that the two sides settled at $162 million. The Mets won't have to pay anything for three years.
Madoff was indicted and pleaded guilty in March of 2009 for stealing an estimated $18 billion from investors in a much-publicized ponzi scheme related to fictitious investments.
Wilpon and Katz, Picard argued, knew the investments were corrupt and profited from it. Defense lawyers said the owners were unaware of the fraud.
The Mets' finances had taken a hit since the case began, and ownership has been adding minority partners to create more stability.
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