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.
New York City Comptroller Mark Levine said NYC faces a budget shortfall of $2.2 billion this fiscal year, and $10.4 billion in FY2027.
Officials are asking for help finding the person who abandoned a dog with a severe cut to its throat near a New York cemetery.
Infielder Bo Bichette and the New York Mets have agreed to a $126 million, 3-year contract, a source tells The Associated Press.
The New Jersey man convicted of driving drunk and killing four people at a Fourth of July celebration in Manhattan will spend at least 24 years in state prison.
New Jersey officials are warning residents to be careful after a resident reported their small dog was attacked by a coyote.
New York City Comptroller Mark Levine said NYC faces a budget shortfall of $2.2 billion this fiscal year, and $10.4 billion in FY2027.
The New Jersey man convicted of driving drunk and killing four people at a Fourth of July celebration in Manhattan will spend at least 24 years in state prison.
Surveillance video shows the woman being dragged beneath the vehicle for several feet in Brownsville.
Negotiators for major New York City hospitals and NYSNA return to the bargaining table as the city's largest nurses strike enters a fifth day.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
Two men posing as Amazon delivery workers held a Connecticut homeowner at gunpoint while robbing him and his wife, police said.
Wednesday night, things begin to change. Showers linger, and areas well north and west may pick up some light snow.
Police in Danbury, Connecticut, are actively looking for a man who they believe fired a deadly gunshot that traveled through a wall and killed his neighbor.
There's plenty of sunshine is on the way to the Tri-State Area, but the First Alert Weather team is also tracking a round of snow later this week.
New Jersey officials are warning residents to be careful after a resident reported their small dog was attacked by a coyote.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
A data company is finding that some Airbnb hosts in New Jersey are charging a lot for the time period around upcoming World Cup matches.
A pastor in Morristown, New Jersey, says community members are too afraid to go outside after recent ICE activity.
Jersey City Mayor Steven Fulop is reflecting on his public career as he moves to New York for his next job.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
A federal judge ruled the Empire Wind project can move forward while he considers the merits of the Trump administration's order to suspend it.
Hochul said she would commit $1.7 billion in the next budget to expand child care in New York in her 2026 state of the state address.
Wednesday night, things begin to change. Showers linger, and areas well north and west may pick up some light snow.
Three people were sentenced Tuesday for their roles in murdering and dismembering a man and a woman in Amityville in February 2024.
New York City Comptroller Mark Levine said NYC faces a budget shortfall of $2.2 billion this fiscal year, and $10.4 billion in FY2027.
Hochul said she would commit $1.7 billion in the next budget to expand child care in New York in her 2026 state of the state address.
Venezuelan opposition leader María Machado previously said she wanted to "share" the prize for removing Nicolás Maduro from power.
A panel of judges on a federal appeals court ruled Thursday that a district court judge did not have the authority to order the release of Columbia University activist Mahmoud Khalil.
An Immigration and Customs Enforcement officer shot a man Wednesday night in north Minneapolis after allegedly being attacked by men with shovels during an arrest operation, three U.S. officials told CBS News.
Negotiators for major New York City hospitals and NYSNA return to the bargaining table as the city's largest nurses strike enters a fifth day.
Nurses continue to hold the picket line as the largest nurses' strike in New York City history is on its third day with no end in sight.
Nurses say health care benefits and workplace safety are their main reasons for striking, and are refusing to go back to work until their demands are met.
Loved ones of patients at hospitals in New York City are concerned about care as nurses continue to strike due to failed contract negotiations on Monday.
The New York State Nurses Association said it called for the strike as negotiations stalled with the city's wealthiest hospitals.
John Forté, the Grammy-nominated musician known for his work with the Fugees, was found dead in his home in Massachusetts.
The 2026 Golden Globes honored the standouts in both film and television from last year. See the full list of winners and nominees.
Here is everything you need to know about how to watch and stream the 2026 Golden Globes.
Bob Weir wrote or co-wrote and sang lead vocals on Grateful Dead classics including "Sugar Magnolia," "One More Saturday Night" and "Mexicali Blues."
Video of an angry confrontation during intermission at a performance of "Mamma Mia!" on Broadway is going viral on social media.
Infielder Bo Bichette and the New York Mets have agreed to a $126 million, 3-year contract, a source tells The Associated Press.
Ilya Sorokin made 35 saves for his NHL-leading fifth shutout of the season as the New York Islanders edged the Edmonton Oilers 1-0 on Thursday night.
Jimmy Butler had 32 points and eight rebounds, Stephen Curry warmed up in the second half to finish with 27 points and seven assists, and the Golden State Warriors beat the New York Knicks 126-113 on Thursday night.
Authorities said the alleged scheme involved 39 players, 17 different NCAA Division I men's basketball teams and 29 games.
Negotiations are ongoing, but John Harbaugh is expected to end up coaching the New York Giants.
A group in Queens has banded together to revive landlines and give their children a simpler way to socialize.
A city-approved plan to rezone a stretch of Atlantic Avenue is expected to bring thousands of new apartments to Brooklyn, but tenant advocates say the deal falls short for lower-income residents and could accelerate displacement.
A three-year pilot run by the Brooklyn Justice Initiative and the Mayor's Office of Criminal Justice aims to improve court compliance and reduce recidivism by meeting participants where they live.
Harlem native Teyana Taylor wins her first major acting honor at the 83rd Golden Globes Awards for her performance in Paul Thomas Anderson's "One Battle After Another." Locals say it's a win for the whole neighborhood.
Legislation would protect and expand hunger programs and improve benefit security as New York pantries see rising demand.
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.
John Elliott has the Tri-State Area's updated Friday afternoon First Alert Forecast on CBS News New York.
Mount Sinai representatives and NYSNA returned to the bargaining table after a week of picketing. CBS News New York's Doug Williams reports.
New York City is facing a massive budget gap in the immediate future, Comptroller Mark Levine said Friday.
It happened around 6:45 a.m. near the intersection of Pitkin and Osborn Street. CBS News New York's Hannah Kliger reports.
Dylan House, Director of Public Programs at the Brooklyn Children's Museum, talks with CBS New York's Mary Calvi about the museum's "Celebrate Martin Luther King Jr. Festival".
