Fred Wilpon and Saul Katz, owners of the New York Mets, have settled a suit brought against them by Madoff victim trustee Irving Picard for $162 million. The suit first alleged that Wilpon and Katz were “willfully blind” to the fact that Bernie Madoff, the Ponzi schemer who reportedly made the two men millions of dollars in profits, was ripping off other investors.
That allegation was dropped, but Wilpon and Katz have agreed to pay the false profits back to Irving Picard, the trustee responsible for seeking restitution for Madoff’s victims. Wilpon and Katz have already promised to pay $29 million out of their own pockets.
Check out NMA’s latest animation on the Mets:
Paul M. Banks is CEO of The Sports Bank.net, an official Google News site that generates millions of unique visitors. He’s also a regular contributor to Chicago Now, Walter Football.com, Yardbarker, and Fox Sports