Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, March 19, 2012

Mets Owners and Madoff Trustee Settle Charges

Mets owners Fred Wilpon and Saul Katz settled charges brought by the Madoff Trustee, Irving Picard, that they were willfully blind to Madoff's fraud and thus avoided a jury trial.  They agreed to pay up to $162 million; the Trustee was seeking about $300 million.  In addition, they won't have to pay for three years, and the amount can be reduced by recoveries the Mets owners would have been entitled to receive in the bankruptcy proceeding..  WSJ, Mets Owners to Pay $162 Million to Madoff Trustee

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