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Mets Owners Agree to Pay $162M
To Settle Madoff Trustee’s Clawback Suit

March 20, 2012, 4:00 AM

Mets owners Saul Katz and Fred Wilpon March 19 agreed to pay $162 million to settle Madoff trustee Irving Picard’s suit seeking to claw back their principal and phantom profits from their investments in Madoff’s defunct firm, according to filings in the U.S. District Court for the Southern District of New York (Picard v. Katz., S.D.N.Y., 11-03605).

As part of the deal, Katz and Wilpon will pay Picard $162 million in “fictitious profits” transferred from Bernard L. Madoff Investment Securities LLC in the six years before the firm’s namesake admitted to decades of fraud and the firm was ...

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