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.
Prosecutors across New York City say they're fighting back against an increase in crimes involving cryptocurrency, but it appears they have their work cut out for them.
Riley Greene hit two of Detroit's four homers off Cam Schlittler as the Tigers beat the Yankees 9-3 on Tuesday night and sent New York to its season-worst sixth straight loss.
Nolan McLean and three relievers combined on a six-hitter, Francisco Alvarez and Luis Torrens both hit solo home runs and the Mets beat the Blue Jays 3-0 on Tuesday night.
Miss Subways was a citywide contest that highlighted everyday New York women doing amazing things. The competition no longer exists but former titleholders say the message still rings true.
Leonora Campbell was killed in a hit-and-run just after buying food for someone at around 2:30 p.m. Monday, her granddaughter said.
Prosecutors across New York City say they're fighting back against an increase in crimes involving cryptocurrency, but it appears they have their work cut out for them.
Miss Subways was a citywide contest that highlighted everyday New York women doing amazing things. The competition no longer exists but former titleholders say the message still rings true.
Leonora Campbell was killed in a hit-and-run just after buying food for someone at around 2:30 p.m. Monday, her granddaughter said.
A breakthrough treatment for debilitating tremors is changing lives. It can stop shaking caused by essential tremors and, in some patients, tremors caused by Parkinson's disease.
As many as 300,000 Haitians face removal from the United States, as the Trump administration moves to end their temporary protected status.
The New York, New Jersey area is preparing for extreme heat as cooling centers, pools, parks and other resources get ready to keep residents cool.
Dangerously hot weather is beginning in the New York City area, with an Extreme Heat Warning about to go into effect.
Monday's severe weather has come and gone, but that doesn't mean the system is leaving the area.
After a tranquil, warm weekend, more turbulent weather lies ahead in the New York City area.
Weather is tranquil and pleasant in the New York City area for Father's Day weekend as summer officially begins.
The New York, New Jersey area is preparing for extreme heat as cooling centers, pools, parks and other resources get ready to keep residents cool.
Traffic will be impacted in Midtown Manhattan as the city initiates shuttle bus corridors and street closures to accommodate World Cup ticketholders.
The anticipated pain of a massive property tax increase in Jersey City has been alleviated somewhat.
Jersey City residents are fired up and frustrated, as city leaders reconsider a proposed property tax hike that could raise bills by about 20%.
Dangerously hot weather is beginning in the New York City area, with an Extreme Heat Warning about to go into effect.
A breakthrough treatment for debilitating tremors is changing lives. It can stop shaking caused by essential tremors and, in some patients, tremors caused by Parkinson's disease. CBS News New York's Carolyn Gusoff reports.
A breakthrough treatment for debilitating tremors is changing lives. It can stop shaking caused by essential tremors and, in some patients, tremors caused by Parkinson's disease.
A coach bus slammed into a car, flipped over and hit two other cars on Monday night near the Greenpoint Avenue exit on the Long Island Expressway.
Prosecutors described how 36-year-old Olivia Bithorn's long history of alcohol abuse allegedly led to her 18-month-old son's death.
A Long Island school district official is accused of trashing ballots to rig an election.
As many as 300,000 Haitians face removal from the United States, as the Trump administration moves to end their temporary protected status.
The mother of a Loyola University freshman who was shot and killed in March delivered tearful testimony on Capitol Hill on Tuesday.
After lengthy and hard-fought negotiations, Mayor Zohran Mamdani and members of the City Council reached a budget deal Tuesday just hours before the deadline.
The Supreme Court on Tuesday struck down President Trump's executive order seeking to end birthright citizenship.
The Supreme Court upheld state laws from West Virginia and Idaho that restricted participation by transgender athletes in girls' and women's sports.
A federal judge has temporarily blocked the Justice Department from executing subpoenas in a criminal probe that sought transgender care records for patients treated at New York hospitals.
An off-duty EMT jumped into action at the Knicks parade Thursday when a man appeared to be suffering from an overdose.
New York broadcast giant Bill Ritter announced Friday he is stepping down from the WABC anchor desk after being diagnosed with early stage Alzheimer's.
For half a century, The Valerie Fund has been dedicated to providing care to children with cancer and blood disorders.
A New Jersey nonprofit called The Valerie Fund is celebrating 50 years of providing comprehensive care to children with cancer and blood disorders.
Taylor Swift has had a decadeslong history with Madison Square Garden, performing there as early as 2003 and even celebrating her 30th birthday at the venue.
Taylor Swift and Travis Kelce's wedding plans include a rehearsal dinner and a late-night celebration at Madison Square Garden in New York City, according to sources familiar with the security planning.
Legendary music executive Clive Davis was laid to rest Monday at a private funeral. Davis helped the careers of generations of artists.
The comic icon behind "Curb Your Enthusiasm" brings his own perspective to America's storied past in a new HBO sketch comedy series – finally making use of his history major from college.
Fans gathered at the Brooklyn Public Library on Thursday for limited-edition card marking 30 years of "Reasonable Doubt."
Riley Greene hit two of Detroit's four homers off Cam Schlittler as the Tigers beat the Yankees 9-3 on Tuesday night and sent New York to its season-worst sixth straight loss.
Nolan McLean and three relievers combined on a six-hitter, Francisco Alvarez and Luis Torrens both hit solo home runs and the Mets beat the Blue Jays 3-0 on Tuesday night.
Casey Mize matched a career high with 10 strikeouts over seven innings and the Tigers capitalized on shoddy defense by the slumping Yankees in a 7-3 victory Monday night.
George Springer capitalized on two miscues to circle the bases, Trey Yesavage pitched into the seventh inning and the Blue Jays beat the bumbling Mets 2-1 on Monday night.
Jarren Duran singled home the winning run to cap a three-run rally in the 10th inning, and the Red Sox finished a four-game sweep of the rival Yankees with a 5-4 victory Sunday night.
Miss Subways was a citywide contest that highlighted everyday New York women doing amazing things. The competition no longer exists but former titleholders say the message still rings true.
Fans gathered at the Brooklyn Public Library on Thursday for limited-edition card marking 30 years of "Reasonable Doubt."
After learning to swim in her 40s, one school leader is helping students gain life-saving skills.
Entrepreneurs in Brooklyn are reimagining laundry day as a social experience, turning neighborhood laundromats into gathering spaces.
Experts say the team's title run created a feeling of collective joy and connection, while some local businesses are also seeing a boost from the celebration.
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 first Revolutionary War boat known to exist was discovered deep in Lower Manhattan. CBS News New York's Mary Calvi reports.
The 17-year-old law is meant to help first responders on the scenes of emergencies, but there had been some pushback over concerns of replacement costs.
Preparations are already underway for New Yorkers to stay safe during the heat wave ahead of the Fourth of July holiday weekend. CBS News New York's Christina Fan reports.
An Extreme Heat Warning starts Wednesday for the entire Tri-State Area with feels-like temperatures in the 100s. CBS News New York Meteorologist Tony Sadiku has the forecast.
As CBS News New York's Allen Devlin reports, the world's most famous arena has started to prepare.
