Monday, March 19, 2012

Mets Settle Madoff Lawsuit





And just that quick, what was expected to be a day of jury selection, followed by a ten day public trial, was ended by a $162 million dollar settlement. More to come as it becomes available...

Update 9:40 am:

Still trying to work out all the details, but it appears that Fred Wilpon and Saul Katz will be on the hook directly for only $29 million. If I understand it correctly, the Mets can pull from a pool of recovered money from a slue of Madoff 'losers' to help pay down this settlement. As I said, still working on the details...

Update 9:52 am:
Source with much more knowledge than I confirmed for me that this $162 million dollar figure will include the "up to $83 million" that the Mets were found liable to repay a few weeks ago.

Update 10:00 am:

Rubin also explains that a press release from the trustee states that the Wilpons are entitled to seek $178 million in funds that they lost from investing in Madoff. The Mets will not get every penny of that back, however what money they do recover can be used to pay down this settlement.

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