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.
RELATED STORIES: Mets lose $71M in ’11, lose key court case today; Einhorn negotiating for chunk of Mets; Mets financial woes worse than thought; Mets managed Madoff investments for other investors; Jeff Wilpon: Mets aren’t for sale; Potential buyers emerge for Mets — but are they serious?; Citi Field debt downgraded by Moody’s because of Mets-Madoff connection; Cuban: I’ll listen if the Wilpons want to sell me a chunk of the Mets; Madoff, Mets finances more intertwined than assumed: report; Bottom-shelf-booze magnate making play for Mets?; Wilpons explore selling minority chunk of Mets
—-
Share your news with the baseball community. Send it to us at editors@augustpublications.com.
Are you a subscriber to the weekly Ballpark Digest newsletter? You can sign up for a free subscription at the Newsletter Signup Page.
Join Ballpark Digest on Facebook and on Twitter!
Follow Ballpark Digest on Google + and add us to your circles!