$178 million. Maybe less.
That’s the amount that could ultimately be collected in a settlement today between the owners of the New York Mets and the trustee for the liquidator of Ponzi scheme titan Bernie Madoff’s law firm. Irving Picard, the trustee for the Madoff victims had argued that Sterling Equities, the owner of the Mets that includes Fred and Jeff Wilpon, as well as Saul Katz, had made “factious profits” by willfully ignoring that Madoff was involved in activities around the largest Ponzi scheme in US history.
The settlement reached deals with $162 million that were withdrawn by the Sterling parties during the six-year period prior to Bernard L. Madoff Investment Securities LLC liquidation.
US District Judge Jed Rakoff had ruled on March 5 that Sterling must pay at least $83 million. The jury trial could have seen total payment to the Madoff victims hit $303 million. The settlement today, which ends the continuous legal battle, stems any more red ink from flowing as it r...