The New York Mets owners and a trustee for Bernard Madoff's fraud victims settled for $162 million on Monday.
The announcement came as jury selection was scheduled to begin the civil trial with $303 million on the table. The Mets will not have to pay a dime for three years as part of the settlement.
Two weeks ago, a judge ruled owner Fred Wilpon must pay as much as $83 million to the trustee attempting to recover funds for those involved in Ponzi scheme. The sides were back in court to discuss the additional $303 million - the amount trustee Irving H. Picard was seeking.
The trustee proposed that the Mets profited from the investments and ignored warnings that Madoff's high returns might not have been accurate. It was Picard's claim that the owners should have known about the fraud given their decades-long relationship with Madoff.
Madoff is serving a 150-year prison sentence after admitting to fraud.