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.
After last weekend's boating tragedy near Liberty Island, there are many questions about boating safety. The U.S. Coast Guard has what you need to know to make sure a boat and its driver are safe and legal.
Rafael Rubio, the New York City Council worker who was detained and released by U.S. Immigration and Customs Enforcement, has now been granted asylum.
President Trump is weighing in on New York City's new pied-à-terre tax, a day after a judge on Staten Island temporarily blocked implementation of the controversial measure.
The NYPD is investigating a bizarre incident in Long Island City, Queens. Residents say a woman got into their apartment by tricking the doorman of their luxury building.
Ethan Funk, a 20-year-old Long Island college student, can tell you what day of the week any particular date fell on, regardless of how long ago it was.
After last weekend's boating tragedy near Liberty Island, there are many questions about boating safety. The U.S. Coast Guard has what you need to know to make sure a boat and its driver are safe and legal.
Rafael Rubio, the New York City Council worker who was detained and released by U.S. Immigration and Customs Enforcement, has now been granted asylum.
President Trump is weighing in on New York City's new pied-à-terre tax, a day after a judge on Staten Island temporarily blocked implementation of the controversial measure.
The NYPD is investigating a bizarre incident in Long Island City, Queens. Residents say a woman got into their apartment by tricking the doorman of their luxury building.
Ethan Funk, a 20-year-old Long Island college student, can tell you what day of the week any particular date fell on, regardless of how long ago it was.
The potential for severe storms and downpours returns to the Tri-State Area Monday as sweltering temperatures continue.
Monday will be a First Alert Weather Day due to the possibility of afternoon and evening thunderstorms and high heat indices near 100 degrees.
The New York area will get some brief relief Sunday from the humid weather.
Friday evening brought yet another round of prolific thunderstorms to the Tri-State Area.
A 16-year-old boy was killed after he was hit Wednesday night by a Metro-North train going from Danbury to South Norwalk, police said.
Police have made an arrest after a mother and child were hit crossing the street Tuesday morning in New Jersey.
New technology is being installed at Newark that will help track planes and vehicles moving around the airport.
Four suspects pulled off a brazen smash-and-grab robbery inside a Woodbridge, New Jersey, jewelry store over the weekend.
The potential for severe storms and downpours returns to the Tri-State Area Monday as sweltering temperatures continue.
Residents of a Newark apartment complex got a startling wakeup call Sunday morning when police in tactical gear, responding to reports of multiple people shot, stormed their building.
Rafael Rubio, the New York City Council worker who was detained and released by U.S. Immigration and Customs Enforcement, has now been granted asylum.
Ethan Funk, a 20-year-old Long Island college student, can tell you what day of the week any particular date fell on, regardless of how long ago it was.
A Long Island college student is wowing people with what his mom calls his "superpower." CBS News New York's John Dias reports.
The man who shot and killed Monroe University basketball player Amira McLeod has been sentenced to 20 years to life in prison. CBS News New York's Jennifer McLogan reports.
The man who shot and killed Monroe University basketball player Amira McLeod has been sentenced to 20 years to life in prison.
Rafael Rubio, the New York City Council worker who was detained and released by U.S. Immigration and Customs Enforcement, has now been granted asylum.
President Trump is weighing in on New York City's new pied-à-terre tax, a day after a judge on Staten Island temporarily blocked implementation of the controversial measure.
Back in March 1994, Yossi Spalter traveled on a van with his Yeshiva classmates from Manhattan to Crown Heights over the Brooklyn Bridge. The trip changed his life.
A judge on Staten Island has temporarily blocked implementation of New York City's new pied-à-terre tax.
"This is a choice that I am making to feel more in control of my life," said 36-year-old Rep. Alexandria Ocasio-Cortez.
New Yorkers who buy their own health insurance could pay more as insurers file requests with the State Department of Financial Services to increase premiums.
In a wide-ranging interview with the CBS News partner BBC News, Hunter Biden grew emotional as he discussed his father's condition, describing it as very sad to watch.
The New York Hotel and Gaming Trades Council claims The High Line Hotel tested positive for Legionella bacteria twice this summer.
Several lawsuits were announced Thursday against New York City and others connected to a deadly 2025 Legionnaires' outbreak in Harlem.
Gov. Kathy Hochul signed new legislation Wednesday to strengthen inspections on cooling towers in New York City.
Actor and comedian Bowen Yang will portray Mary Todd Lincoln in Broadway's "Oh, Mary!" for a limited 12-week run starting in September.
Designer John Galliano is known for his theatrical and dramatic designs, but his legacy is also marked by antisemitic and racist comments.
"The Sopranos" actor Vincent Pastore is being remembered as a fixture in his Bronx community.
Vincent Pastore played Salvatore "Big Pussy" Bonpensiero on all six seasons of "The Sopranos," which aired from 1999 to 2007.
A new Broadway show based on Prince's movie and album "Purple Rain" will take the stage at Broadway's Majestic Theatre in March.
LeBron James will return to Los Angeles on Christmas Day in 2026, and the Sixers will open the season in New York against the Knicks.
Brett Baty hit the first grand slam of his career and the Mets held off the Braves 8-5 on Monday night for their sixth win in seven games.
The New York Mets routed the Pittsburgh Pirates 11-1 on Sunday afternoon.
Don Nelson was one of two coaches in NBA history to have at least 250 wins with three different franchises — Milwaukee, Dallas and Golden State.
Michael Harris II opened the 10th inning with an RBI single, and the Braves beat the Yankees 2-1 on Sunday to prevent a three-game sweep.
Some residents of a Queens building say a temporary boiler truck parked outside has become a nearly two-year fixture, emitting smoke they say drifts into their homes.
Harlem Week 2026 brings past and present Harlemites together to honor the neighborhood's legacy.
Parents in Harlem say their children's walk to summer camp is littered with trash, illegal dumping and a growing encampment.
A specialized program from God's Love We Deliver is serving nearly 400 veterans with medically tailored meals, while helping combat isolation and ease the challenges of life after military service.
The Newtown Creek Alliance community science project gives students hands-on experience monitoring the health of one of the most polluted waterways in the U.S.
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.
A newborn girl was found wrapped in a t-shirt and abandoned in Yonkers. Now, Baby Melanie is wrapped in love with a forever family. CBS News New York's Tony Aiello was at Tuesday's very special reunion.
How do you know a boat and driver are safe and legal? CBS News New York's Lisa Rozner speaks with the U.S. Coast Guard.
CBS News New York's Lonnie Quinn says there is only a slight chance of a shower, but the rain chances will improve somewhat through Friday.
CBS News New York's Jennifer Bisram spoke to some of them in Little Colombia in Elizabeth, New Jersey, on Tuesday, as rescue operations continue in western South America.
President Trump is weighing in on New York City's new pied-à-terre tax, a day after a judge on Staten Island temporarily blocked implementation of the controversial measure. CBS News New York's Marcia Kramer reports.
