New York Mets ownership will enter the 2012 season without some huge financial uncertainty, settling for $162 million a lawsuit alleging they had willfully ignored signs of fraud committed by Bernie Madoff.
The lawsuit, brought by trustee Irving Picard, called for Fred Wilpon and Saul Katz — owners of the Mets — to pay $300 million in penalties. In the settlement, Picard dropped charges that the pair willfully ignored signs of Madoff’s fraud for their own gain. The pair, already ordered to pay $83 million back in Madoff distributions, will pay an additional $79 million to settle the suit — money they could end up getting back because the pair was a net loser in their Madoff investments, according to The New York Times.
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