The New York Mets owners agreed to pay up to $162 million in a settlement to Bernard Madoff's fraud victims, in a deal to ...
recoup losses from fake profit payouts. (March 19)
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[Location - Date:][Source:][VO:]ONE HUNDRED AND SIXTY-TWO MILLION DOLLARS--THAT'S THE SETTLEMENT BETWEEN THE NEW YORK METS AND A TRUSTEE FOR BERNIE MADOFF'S FRAUD VICTIMS...THE SETTLEMENT COMES JUST AS JURY SELECTION WAS SET TO BEGIN IN A CIVIL TRIAL...THE VICTIM'S OF MADOFF'S PONZI SCHEME HAD FILED SUIT AGAINST THE METS OWNERS--WHO HAD RECIEVED MILLIONS IN FICTITOUS PROFITS...THE VICTIMS HAVE BEEN IN A COURT BATTLE TRYING TO RECOUP THEIR INVESTMENTS SINCE MADOFF WAS JAILED.(David Sheehan, plaintiff's attorney)"the most important thing is, is that the victims now will receive the benefit of $162 million. Ultimately that's the goal of all the litigation brought by the trustee, is too enhance the fund for the victims"THE TRUSTEE ARGUED THAT THE METS OWNERS KNEW THE INVESTMENT SCHEME WAS A FRAUD--BUT CONTINUED THEIR INVESTMENTS BECAUSE THEY WERE MAKING A LOT OF MONEY...THE MET'S OWNERS INSIST THEY HAD NO IDEA THE PAYOUTS WERE ILL-GOTTEN.A JUDGE HAD ALREADY RULED THAT THE OWNERS WOULD HAVE TO PAY UP TO $83 MILLION--AND THE TRIAL WOULD HAVE DETERMINED IF THEY OWED ANOTHER $303 MILLION. (Fred Wilpon, Met's co-owner)"we acted in good faith and we're very please that this settlement bears that out."(Saul Katz, Mets co-owner)We can now re-focus our lives on taking care of our families, our business an our community involvement"THE METS OWNERS WILL NOT PAY ANYTHING FOR THREE YEARS--MEANWHILE, MADOFF IS SERVING A 150-YEAR PRISON SENTENCE AFTER ADMITTING TO CHEATING THOUSANDS OF INVESTORS OUT OF THEIR $20 BILLION INVESTMENTS FOR AT LEAST TWO DECADES..[SIGOUT/REPORTER, LOCATION, ASSOCIATED PRESS](****END****)