Wednesday, April 23, 2014

Alert

Follow us:
Follow @NY1 on Twitter Subscribe to this news feed 

News

Mets Owners Ordered To Pay Into Madoff Victims Fund

  • Text size: + -
TWC News: Mets Owners Ordered To Pay Into Madoff Victims Fund
Play now

Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

A federal judge on Monday ruled that owners of the New York Mets owe up to $83 million to the trustee recovering money for the victims of Bernard Madoff's Ponzi scheme.

U.S. District Judge Jed S. Rakoff decided there will be a trial to decide whether Mets owners Fred and Jeff Wilpon and Saul Katz should owe even more, although he expressed doubts that the team would end up paying more.

The trustee had originally sought $1 billion from the owners but the judge had previously set the limit to $386 million.

The Mets' owners deny knowing Madoff was acting illegally in his Ponzi scheme and say they look forward to demonstrating that as they prepare for trial.

A spokesperson for the trustee says he is reviewing the judge's decision.

Madoff is currently serving a 150-year prison sentence.

10.11.12.247 ClientIP: 107.21.163.227, 23.0.160.15 UserAgent: CCBot/2.0 (http://commoncrawl.org/faq/) Profile: TWCSAMLSP