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.
Watch CBS News
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.
A solemn ceremony, including seven moments of silence, will be held at the 9/11 Memorial & Museum in Lower Manhattan.
The FBI used the Intrepid Museum to help conduct the massive investigation after 9/11.
The New York Yankees beat the Colorado Rockies 10-3 on Thursday night to tighten the AL East race.
One person has died and a total of five people have been sickened by Legionnaires' disease in the Bronx.
Pilot Nick Dobi, now 84, remembers being diverted to Newfoundland after the 9/11 attacks, calling it the "most dramatic, emotional flight of my life."
A solemn ceremony, including seven moments of silence, will be held at the 9/11 Memorial & Museum in Lower Manhattan.
The FBI used the Intrepid Museum to help conduct the massive investigation after 9/11.
One person has died and a total of five people have been sickened by Legionnaires' disease in the Bronx.
Pilot Nick Dobi, now 84, remembers being diverted to Newfoundland after the 9/11 attacks, calling it the "most dramatic, emotional flight of my life."
Thousands of children lost a parent 25 years ago on Sept. 11, 2001. They became known by the name of the organization formed to support them, Tuesday's Children.
After a week filled with periods of storminess and high humidity, a calmer and drier weather pattern is settling in for the holiday weekend.
Severe storms returned to the Tri-State Area, making it a soggy Thursday morning.
The rain returns Tuesday with the possibility of severe storms and downpours that can cause flash flooding in the New York City area.
Activity by ICE agents is putting a chill on the economy in parts of Connecticut after an estimated 100 people were recently grabbed off the streets of Danbury and other communities.
A First Alert Weather Day has been issued for Tuesday and Wednesday due to the threat of strong to severe thunderstorms.
Middletown, New Jersey, had more residents killed in the terror attacks on Sept. 11, 2001, than any other town outside of New York City.
The Empty Sky Memorial at Liberty State Park in Jersey City honored the hundreds of New Jersey residents killed in the 9/11 attacks Thursday.
A U.S. Army intelligence officer from New Jersey says he has never felt like he needed to choose between his Muslim faith and his service.
A cosmetic treatment that promises breast enhancement without surgery is now at the center of a fight over who regulates human tissue in New York.
More than 41,000 students are heading back to class across Newark, New Jersey, Tuesday following 11 weeks of summer vacation.
Many remember an image featuring longtime FDNY firefighter Bob Beckwith that spread around the world in the days following the 9/11 attacks -- an image of bravery and hope.
Retired at the time, Beckwith, who spent 30 years with the FDNY, responded to the devastation at ground zero and was captured in an iconic moment with President George W. Bush. CBS News New York's Jennifer McLogan reports.
A man accused of killing a Long Island woman was fatally shot by police officers in Massachusetts on Wednesday night, officials say.
New water rescue equipment can now reach swimmers in distress before rescue crews can even reach the water. Nassau County Police on Thursday unveiled drones equipped with flotation devices to reach people in trouble in a matter of seconds. CBS News New York's Carolyn Gusoff reports.
Though none of them were even born in 2001, students at Commack High School continue to pass on memories of the 9/11 terror attacks.
Many remember an image featuring longtime FDNY firefighter Bob Beckwith that spread around the world in the days following the 9/11 attacks -- an image of bravery and hope.
As governor of New York on Sept. 11, 2001, George Pataki was responsible for many of the decisions being made at the highest level of state government. He recently reflected on that somber day.
Former President George W. Bush gave rare remarks on Wednesday as Americans mark 25 years since the Sept. 11 terrorist attacks.
Ray Kelly, the longest-serving NYPD commissioner in history, is widely credited with driving down crime and ramping up the department's counterterrorism capacity.
Hundreds of thousands of New York City students are heading back to school Thursday with many new changes and programs in store.
One person has died and a total of five people have been sickened by Legionnaires' disease in the Bronx.
As of late August, the September 11th Victim Compensation Fund has received 112,000 claims, awarding more than $18 billion.
A cosmetic treatment that promises breast enhancement without surgery is now at the center of a fight over who regulates human tissue in New York.
Twenty-five years after the terrorist attacks on Sept. 11, 2001, the health threat hasn't ended for many survivors.
New York City officials released thousands of previously unseen documents questioning the air quality at Ground Zero following the 9/11 attacks.
Grammy and Emmy Award-winning musician Lizzo made a surprise visit to meet Brooklyn students and debut her new children's book.
Some are calling for Macklemore to be removed from Ed Sheeran's Loop tour after he used part of his opening performance on Friday and Saturday nights at MetLife Stadium to share his pro-Palestinian views about the war in Gaza.
The Met's decision to highlight the work by designer John Galliano sparked widespread controversy due to his history of antisemitic and racist comments.
Tim Curry was known for his iconic performances in cult classics like "The Rocky Horror Picture Show" and the original screen adaptation of Stephen King's "It."
President Trump said that he would be "lowering the American flag" throughout the nation for one week in Dolly Parton's honor.
The New York Yankees beat the Colorado Rockies 10-3 on Thursday night to tighten the AL East race.
Jude Terry and Armindo Sieb each scored a goal, Hugo Lloris had his MLS-leading 12th shutout this season, and Los Angeles FC beat the New York Red Bulls 2-0 to snap a six-game winless streak.
Rookie George Lombard Jr. became the second-youngest player in Yankees' history to hit a grand slam as New York beat the Rockies 6-1 on Wednesday night.
Dániel Gazdag scored in the third minute of second-half stoppage time to rally the New England Revolution to a 2-1 victory over New York City FC on Wednesday night at Citi Field.
The New York Yankees beat the Colorado Rockies 5-3 on Tuesday night to clinch their 34th straight winning season.
Former Mets players from the 2001 season were at Ladder 25 on the Upper West Side on Tuesday.
Grammy and Emmy Award-winning musician Lizzo made a surprise visit to meet Brooklyn students and debut her new children's book.
A Bronx pizzeria is proving that kindness is contagious by giving slices to hungry New Yorkers.
Brooklyn Community Services says keeping its mobile shower program running is becoming increasingly difficult as the costs of fuel, hygiene products and other expenses rise.
The Brooklyn family traces its roots to Pieter Claesen Wyckoff, who arrived in the New World 400 years ago. Today, descendants connect through reunions, Zoom calls and a massive genealogical database.
People dressed in elaborate headgear and paraded up Fifth Avenue for New York City's Easter Sunday tradition.
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.
The annual Easter Parade and Easter Bonnet Festival was held in Manhattan on April 20, 2025.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The weather will be good Friday, but watch for showers Saturday night and Sunday morning. CBS News New York Meteorologist Tony Sadiku has the forecast.
A 77-year-old man was killed and his 52-year-old daughter was one of two women hospitalized after they were struck by a truck driver in Chinatown on Thursday. CBS News New York's Adi Guajardo reports.
Rapper Snoop Dogg will host this year's MTV Video Music Awards.
CBS News New York's Lonnie Quinn has your First Alert Forecast for September 10 at 11 p.m.
In the hours following the terror attacks on Sept. 11, 2001, the FBI in Manhattan needed to set up a secure emergency command center. They looked to the water, using the Intrepid Museum to help conduct the massive investigation. CBS News New York's Alice Gainer reports.
