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Media

Settlement: Madoff Trustee Vs. Mets

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By Jon C. Ogg Updated Published
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The Bernie Madoff ponzi scheme may not be over, but the fight between the bankruptcy trustee Irving Picard and the owners of the New York Mets baseball team appears to be over.  Fred Wilpon and Saul Katz have agreed to pay a sum of about $162 million to settle the suit from the trustee seeking money to reimburse the Madoff victims.  The move may also remove a large degree of uncertainty over the future of the New York Mets.

With a trial just about to start, a pact was reached in a District Court in New York.

Irving Picard, the Madoff trustee, alleged that Wilpon and Katz had turned a blind eye in the fraud that was taking place at the Madoff fund when they took their funds out.  This was of course denied, but now a settlement has been reached.  The Mets owners may have secured a better financial standing for the Mets as well because they are reportedly not going to have to pay funds immediately.  The payments are said to be over a 5-year period.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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