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Mets’ Owners Agree to Settle Madoff Suit for $162 Million

Date: March 19, 2012
Authors: Richard Sandomir and Ken Belson
QUOTE: the owners agreed to pay the trustee $162 million, but that figure is likely to be reduced or wiped out altogether as the complex bankruptcy litigation involving Mr. Madoff’s investment operation plays out. The trustee, Irving H. Picard, had initially sought $1 billion, declaring that the owners had enriched themselves over many years of profitable investing with Mr. Madoff while ignoring repeated warnings that he might have been a fraud.

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