NY Mets owners settle in Madoff-related case

(AP) - The New York Mets owners and a trustee forBernard Madoff's fraud victims settled Monday for $162 million in acase aimed at undoing the

NEW YORK - (AP) - The New York Mets owners and a trustee forBernard Madoff's fraud victims settled Monday for $162 million in acase aimed at undoing the damage from a massive investment scheme.

The Mets owners will not pay anything for three years.

Jury selection had been set to begin in a civil trial todetermine how much the team owners will owe other investors whotrusted their money to Madoff.

Trustee Irving Picard had argued that the Mets owners knew thatMadoff's corrupt investment scheme was a fraud but continued theirinvestments anyway because they were making a lot of money.

Lawyers for the owners insist their clients had no idea theformer NASDAQ chairman was cheating thousands of investors of theirroughly $20 billion investment for at least two decades.

Both Fred Wilpon and Saul Katz, principal Mets owners, were incourt Monday at the defense table.

Judge Jed Rakoff said Picard had reviewed the evidence and willno longer pursue a claim of "willful blindness" against thedefendants.

advertisement | advertise on News 12

Trending Video

Authorities say Sophia Hernandez was abducted from a 1 Amber Alert issued by Bridgeport police for 6-year-old girl
Joseph Rivera, Hernandez' cousin, describes Hernandez as quiet 2 Family of suspect in abduction, homicide relieved by daughter's safe return
Authorities say Aylin Sofia Hernandez has been found 3 Missing Bridgeport girl found safe, suspect captured
Weather Kids: Stanwich School 4 Weather Kids: Stanwich School
Crews worked Thursday to recover the wreckage of 5 Crews recover East Haven plane wreckage; victims identified

advertisement | advertise on News 12

Features

Focus on Connecticut Focus on Connecticut

Features local, state and federal officials discussing the issues around southwestern Connecticut.

Celebrates African-American culture in southwestern Connecticut. Our Lives

Celebrates African-American culture in southwestern Connecticut.

Each week News 12 Connecticut introduces you to Hometown Hero

News 12 highlights people who give to the community.

We spotlight a local team each week. Connecticut Team of the Week

Each week News 12 Connecticut highlights a team from a local school.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE