NY Mets’ Owners Settle Madoff-related Suit for $162 Million
Fred Wilpon and Saul Katz, owners of Major League Baseball’s New York Mets, settled a lawsuit accusing them of benefiting from the Ponzi scheme run by Bernard Madoff. As jury selection began, representatives of the Mets’ owners and trustee Irving…
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The delay in payment will give Wilpon and Katz time to recover some (or all) of their $172 million claim against Madoff. The $162 million figure represents the amount of supposed profit the two men withdrew from their account with Madoff in the years before the scheme collapsed.
The settlement is viewed as a victory for Wilpon and Katz, who have had to borrow fund to keep the Mets going. And the team is losing fans after five straight seasons without a playoff appearance.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
