The owners of the New York Mets agreed to a $162 million settlement of claims by the liquidator of Bernard Madoff’s firm that won’t require them to pay any money for at least four years, if ever.
U.S. District Judge Jed Rakoff announced the settlement Monday before the parties were set to pick a jury for a trial over whether the Mets owners acted in bad faith when they withdrew money from Madoff’s Ponzi scheme. Under the settlement, Fred Wilpon, Saul Katz and related parties owe the Madoff estate $162 million in fictitious profits, which may be totally or partially offset by their own claims for $178 million in losses.
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