New York Mets owners settle with Madoff victims trustee

http://www.guardian.co.uk/business/2012/mar/19/new-york-mets-madoff-victims-trustee

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The owners of the cash-strapped New York Mets baseball team have averted a trial by agreeing to pay $162m (£102m) to settle a lawsuit by the trustee seeking money for the victims of Bernard Madoff's fraud.

The trustee had accused the Mets owners of turning a blind eye to signs of Madoff's fraud while enriching themselves as long-term investors in his funds – accusations the team's owners denied.

Mets owners Fred Wilpon and Saul Katz will not have to pay any money immediately. The terms of the pact call for payments over a five-year period, easing some of the immediate pressure on the team's finances.

Madoff victims' trustee Irving Picard has recovered about $9.1bn so far through litigation, although about $6.4bn is unavailable due to appeals and reserves.