Mets Settle Madoff Case for $162 Million

The civil trial of Mets owners Fred Wilpon and Saul Katz ended Monday when the two agreed to a financial settlement.
Mets Settle Madoff Case for $162 Million
Mets owner Fred Wilpon will not make any payments to the Madoff trustee for three years. (Marc Serota/Getty Images)
Dave Martin
3/19/2012
Updated:
10/1/2015
<a><img class="size-large wp-image-1790335" title="New York Mets Workout Sessions" src="https://www.theepochtimes.com/assets/uploads/2015/09/Wilpon109248960.jpg" alt="New York Mets Workout Sessions" width="236" height="354"/></a>
New York Mets Workout Sessions

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.

Dave Martin is a New-York based writer as well as editor. He is the sports editor for the Epoch Times and is a consultant to private writers.
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