Judge: Mets Could Owe $386M At Most In Madoff Suit
The Mets could be forced to pay up to $386 million to resolve claims by Irving Picard -- nowhere near the $1 billion he was originally asking for.
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The Mets could be forced to pay up to $386 million to resolve claims by Irving Picard -- nowhere near the $1 billion he was originally asking for.
Any way you look at it, the 18-page decision filed yesterday by United States District Judge Jed Rakoff in the Mets/Madoff case has to be viewed as a win, even a vindication of sorts, for Mets owners Fred Wilpon and Saul Katz.
A judge is allowing a lawsuit to proceed in limited form against the owners of the New York Mets by the trustee recovering money for investors who lost money to jailed financier Bernard Madoff.
The Wilpon/Katz group won a big victory by the mere fact that Judge Rakoff has decided to keep the whole trial (if there is a trial, which there probably will be) in federal district court and not in bankruptcy court.
The Second Circuit rejected any argument for a different definition of net equity, leaving intact the definition set forth by Picard and affirmed by Bankruptcy Judge Lifland. Good news for the Mets' owners.
First, he was busted for orchestrating a multi-billion dollar Ponzi scheme. Then he was jailed for 150 years. And, now it seems that his wife Ruth is calling it quits, according to a report in the U.K.'s Daily Mail.
Mets co-owners Fred Wilpon and Saul Katz and their investment fund, Sterling Equities, allege trustee Irving Picard made "false allegations" and omitted evidence favorable to the owners in order to force a settlement.
Every time the men who run the Mets pout before a forest of microphones, it is we who become angry. Very few powerful people know when to quit, and with each hollow assertion and rampant denial, Fred Wilpon is being selfish, defiant, and destructive.
The world is hearing the voice of the Wall Street swindler for the first time since he went to prison.
In his first in-depth interview since his arrest in December 2008, convicted financier Bernard Madoff asserted some banks were "complicit" in his massive Ponzi scheme.
Disgraced Wall Street financier Bernard Madoff has told a newspaper that banks and hedge funds were "complicit" in his scheme to fleece victims out of billions of dollars.
Flushing faithful worry that shortstop Jose Reyes, unsigned after 2011, could be a possible casualty of the Mets' financial woes. Reyes said on Thursday that he's aware of the chatter, but is only focused on helping New York succeed on the field.
The unsealing of the Madoff/Sterling Partners complaint has law firms on both sides firing at each other and has Fred Wilpon and Saul Katz issuing their own public statements. Here are some of the "red flags," alleged by Irving Picard in the complaint Below is a listing and discussion of some of the "red flags," alleged by Trustee Irving Picard in the complaint, that the Sterling Partners "consciously disregarded," according to the complaint.
Now that the Super Bowl has been dissected like that poor, prostrate frog from your science class, there's a frigid wind howling through the sporting world, much like the real one that has frozen our nation from top to bottom.
To the jaded and jilted Mets fan, the recent revelations about the Mets, Madoff, and money create a portal through which opulent and competent people will buy the team from the limping Wilpons. If only it were that easy.
The son of Martin Luther King Jr. and television executive Larry Meli are reportedly part of a group interested in becoming part owners of the Mets, according to the NY Post.
Martin Silver, who owners the Georgi vodka brand, said he wants to meet with Mets owners Fred and Jeff Wilpon to discuss buying a piece of their struggling franchise.
The Mets have even more problems to worry about than just the start of spring training in the coming weeks. In fact, these problems could change the direction of the franchise for years to come. Those problems are major money issues with the owners.
Bernard Madoff's former secretary has made bail and will await her New York trial while on house arrest.
U.S. District Judge Laura Taylor Swain rejected the arguments by lawyers for 62-year-old Annette Bongiorno that her husband should be allowed to post money from his bank accounts to support a bail package.
The news that some of Bernard Madoff's victims could be getting half their money back was of little comfort to Richard and Cynthia Friedman, and others who saw their life savings erased in the mammoth fraud.
The trustee recovering money for Bernard Madoff's burned investors has reached a $7.2 billion settlement with the estate of a Florida philanthropist and businessman.
Federal Judge Laura Taylor Swain noted that Annette Bongiorno concedes she has $2.4 million. Prosecutors say Madoff's 62-year-old longtime secretary likely has stashed away millions more.
Stephanie Madoff said in a statement Wednesday that she was "devastated" by her husband's death.
The body of Mark Madoff has been taken from the morgue to a Manhattan funeral chapel.
Former New York City Mayor Eric Adams agreed to pay thousands of dollars as a penalty for a campaign stunt at one of his official City Hall press conferences.
Riders on NJ Transit should still expect delays as rail services resume after two lines were suspended in and out of Penn Station Monday. An engineer was hurt after a piece of debris from overhead wire infrastructure hit a train.
Construction on the $16 billion Gateway Tunnel Project remained paused Monday morning despite a federal judge temporarily blocking the freezing of funds by the Trump administration.
The longest and largest nurses strike in New York City history is set to end after over three weeks.
Ghislaine Maxwell's lawyer said she would be willing to cooperate with a House panel's probe if President Trump grants her clemency, and would testify that he is "innocent of any wrongdoing."
Former New York City Mayor Eric Adams agreed to pay thousands of dollars as a penalty for a campaign stunt at one of his official City Hall press conferences.
Riders on NJ Transit should still expect delays as rail services resume after two lines were suspended in and out of Penn Station Monday. An engineer was hurt after a piece of debris from overhead wire infrastructure hit a train.
Construction on the $16 billion Gateway Tunnel Project remained paused Monday morning despite a federal judge temporarily blocking the freezing of funds by the Trump administration.
The longest and largest nurses strike in New York City history is set to end after over three weeks.
Eighteen people have died as of Monday during the brutal cold weather in New York City, said Mayor Zohran Mamdani. The mayor announced efforts to expand access to shelters and warming centers.
A Cold Weather Advisory is in place through 10 a.m. on Monday for the entire Tri-State Area. As a result, a First Alert Weather Day will be in play for at least part of the day.
A Connecticut man was arrested after allegedly driving drunk in the Bronx and hitting pedestrians on a sidewalk Friday.
Parts of New York and Connecticut could see snow Friday into Saturday. A First Alert Weather Day is in effect for the weekend due to dangerously cold temperatures.
Bundle up — New York City and the Tri-State Area's stretch of dangerously cold weather continues, and it's sticking around longer than anyone would like.
New York, New Jersey and Connecticut were pivotal during America's birth. This year, as the nation celebrates its 250th birthday, CBS News New York is highlighting the hidden history in our own back yard.
Riders on NJ Transit should still expect delays as rail services resume after two lines were suspended in and out of Penn Station Monday. An engineer was hurt after a piece of debris from overhead wire infrastructure hit a train.
Construction on the $16 billion Gateway Tunnel Project remained paused Monday morning despite a federal judge temporarily blocking the freezing of funds by the Trump administration.
A Cold Weather Advisory is in place through 10 a.m. on Monday for the entire Tri-State Area. As a result, a First Alert Weather Day will be in play for at least part of the day.
New York City and the Tri-State Area are preparing for what is expected to be the coldest weather of the season so far this weekend.
The Democratic primary race for the Congressional seat vacated by Gov. Mikie Sherrill is too close to call.
A Cold Weather Advisory is in place through 10 a.m. on Monday for the entire Tri-State Area. As a result, a First Alert Weather Day will be in play for at least part of the day.
A Long Island man accused of driving drunk and killing a Nassau County police officer appeared in court Friday. Matthew Smith entered a not guilty plea.
The entire Tri-State Area will be under an Extreme Cold Warning as dangerously cold temperatures settle in, along with some snow.
The goal is to get patients drunk and high at a new research lab on the border of Nassau County and Queens.
The Patchogue-Medford School District said in a letter that the Suffolk County Department of Health alerted them about an infectious person in the school community.
Former New York City Mayor Eric Adams agreed to pay thousands of dollars as a penalty for a campaign stunt at one of his official City Hall press conferences.
Construction on the $16 billion Gateway Tunnel Project remained paused Monday morning despite a federal judge temporarily blocking the freezing of funds by the Trump administration.
Ghislaine Maxwell's lawyer said she would be willing to cooperate with a House panel's probe if President Trump grants her clemency, and would testify that he is "innocent of any wrongdoing."
The official DHS statistics, which had not been previously reported, provide the most detailed look yet into who ICE has arrested during the Trump administration's crackdown.
President Trump criticized Team USA freestyle skier Hunter Hess after he and other American athletes at the 2026 Winter Olympics shared their thoughts on U.S. politics.
The longest and largest nurses strike in New York City history is set to end after over three weeks.
Mount Sinai Health System and Anthem Blue Cross Blue Shield failed to reach a contract agreement by Dec. 31, which means about 9,000 physicians are no longer considered in-network.
Brooklyn's Green-Wood Cemetery is set to become the first on the East Coast to offer human composting.
The goal is to get patients drunk and high at a new research lab on the border of Nassau County and Queens.
The Patchogue-Medford School District said in a letter that the Suffolk County Department of Health alerted them about an infectious person in the school community.
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Brad Arnold, the founder and lead singer of the 3 Doors Down has died following "his courageous battle with cancer," the rock band announced Saturday on social media.
Bad Bunny took the stage at halftime for the 2026 Super Bowl. Here's who else performed at Super Bowl 60.
Two-for-one tickets are returning for New York City's Off-Broadway Week.
The sheriff says the note was sent to a local Arizona news station, which agreed not to report on it, following the disappearance of "Today" show co-host Savannah Guthrie's mother, Nancy Guthrie.
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Team USA defended its Olympic figure skating team event gold medal on Sunday after Ilia "Quad God" ushered the team to victory at the Milan Cortina 2026 Winter Olympics.
The Seattle Seahawks defeated the New England Patriots Sunday to win the 2026 Super Bowl.
NYU stands alone atop the NCAA Division III women's basketball record book with 82 consecutive victories.
Jalen Brunson scored 31 points and Josh Hart added 19 to help the New York Knicks beat the cold-shooting Boston Celtics 111-89 on Sunday.
After their building managers were arrested on fraud charges, tenants in Queens say their apartments were left in chaos.
Harlem's Schomburg Center for Research in Black Culture centennial anniversary began last year, and 2026 marks 100 years since the library became owner of its namesake's personal collection, making it a full-fledged research center.
Brooklyn's Green-Wood Cemetery is set to become the first on the East Coast to offer human composting.
Dozens of middle school girls celebrated National Girls and Women in Sports Day at the Brooklyn Basketball Training Center on Wednesday.
A group of senior dancers aged 70 and up shine on stage at the Korean Community Services' center in Queens. They practice in Flushing twice a week and perform at events citywide.
The Halloween tradition strolled through Manhattan's East Village on Sunday, with furry friends dressed in colorful costumes.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Dogs got decked out for the annual Tompkins Square Halloween Dog Parade in New York City's East Village on Saturday.
Cosplayers flooded New York City's Javits Center in October 2024 for the annual New York Comic Con convention.
Mayor Zohran Mamdani and other NYC leaders attended a ribbon-cutting ceremony at the brand new recreation center in East Flatbush.
Mayor Zohran Mamdani and other NYC leaders attended a ribbon-cutting ceremony at the brand new recreation center in East Flatbush.
The New York State Nurses Association (NYSNA) says it has reached a tentative contract agreement with Mount Sinai Hospital, Mount Sinai Morningside, Mount Sinai West and Montefiore Einstein hospitals. NewYork-Presbyterian said it too had accepted a proposal, but sources told CBS News New York NYSNA has not yet reached an agreement with NewYork-Presbyterian. CBS News New York's Lisa Rozner reports.
Rail services resumed after wire issues caused lines in and out of Penn Station to be suspended. Officials said riders should still expect delays. CBS News New York's Vanessa Murdock reports.
It's a sunny afternoon with temperatures climbing into the upper 20s. But it's still colder than it should be. CBS News New York Meteorologist Tony Sadiku has the afternoon forecast.
