Mets Settle Madoff Case for $162 Million

March 19, 2012 Updated: October 1, 2015
New York Mets Workout Sessions
Mets owner Fred Wilpon will not make any payments to the Madoff trustee for three years. (Marc Serota/Getty Images)

The civil trial of Mets owners Fred Wilpon and Saul Katz ended Monday when the two agreed to a financial settlement with the trustee charged with liquidating the assets of Bernie Madoff, according to a report on the team’s website.

Wilpon and Katz will pay $162 million under the agreement with the payments not due for three years. The total includes the $83 million that previously had been ruled owed to the trustee.

The agreement also provides a way for the Mets owners to recover all or part of the $162 million through their own claims, totaling $178 million, against the Madoff estate.

Through the fourth year of the agreement the Mets payments on the $162 million will come from the money recovered from their own against the estate. Whatever is left on the $162 million balance will then be paid in annual payments over the next two years.