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.
Unions representing thousands of LIRR workers are rallying Saturday amid a dispute with the MTA that could trigger their first strike in decades.
Mark Vientos led off the 10th inning with a tiebreaking double to help the New York Mets beat the Arizona Diamondbacks 3-1 on Friday night.
The plane was evacuated because of smoke in the aircraft after the collision, according to the flight crew.
A Los Angeles teen who got accepted to an astonishing 65 colleges is headed to Columbia University with a dream to pay it forward.
Jacob Misiorowski reached 103 mph on 10 pitches while pitching two-hit ball over six innings in the Brewers' 6-0 victory over the Yankees on Friday.
Unions representing thousands of LIRR workers are rallying Saturday amid a dispute with the MTA that could trigger their first strike in decades.
A Los Angeles teen who got accepted to an astonishing 65 colleges is headed to Columbia University with a dream to pay it forward.
An unsettled pattern will continue through this entire Mother's Day weekend in the New York City area.
A new proposal on Long Island could change how quickly a business has to hand over surveillance video to police during an investigation.
A northern Westchester County reservoir may soon be home to a floating solar panel array. The proposal is raising interest, and concern, in Peekskill.
An unsettled pattern will continue through this entire Mother's Day weekend in the New York City area.
After summer-like warmth, rainy weather and cooler temperatures return to the New York City area mid-week.
A cool weekend is ahead for the New York City area before warmer weather returns.
Some residual showers may linger into early Sunday morning, but the majority of the rainfall should be over by sunrise.
Amtrak announced Thursday it is suing Metro-North for allegedly blocking nonrevenue trains on a portion of the busy Northeast Corridor for over two months.
A woman has been charged with theft for taking a dog outside a Clifton, New Jersey, home in April, police say.
An unsettled pattern will continue through this entire Mother's Day weekend in the New York City area.
The owners of Boulevard Drinks in Jersey City's Journal Square said new building owners gave them until May 27 to get out.
A New Jersey neighborhood was ordered to shelter in place all day as police investigated at a home in Bridgewater Township.
Two New Jersey residents were potentially exposed to a person infected with hantavirus, according to health officials.
Unions representing thousands of LIRR workers are rallying Saturday amid a dispute with the MTA that could trigger their first strike in decades.
A new proposal on Long Island could change how quickly a business has to hand over surveillance video to police during an investigation.
The MTA and five of its unions are embroiled in a contract dispute that could trigger the LIRR's first work stoppage in more than 30 years.
New York Gov. Kathy Hochul announced a $268 billion budget that includes a pied-à-terre tax targeting wealthy New York City second home owners.
Brookhaven town residents are anxious and worried about the underwater toxic plume created by the landfill.
A new proposal on Long Island could change how quickly a business has to hand over surveillance video to police during an investigation.
The Trump administration announced a major expansion of its denaturalization campaign targeting foreign-born American citizens accused of fraudulently obtaining U.S. citizenship.
Defense Secretary Pete Hegseth said in a statement that the documents "have long fueled justified speculation — and it's time the American people see it for themselves."
New York City's Rent Guidelines Board held a preliminary vote Thursday proposing a potential increase for 1 million rent-stabilized apartments across the five boroughs.
Former New York City Mayor Eric Adams is weighing in on the ongoing war of words between Mayor Zohran Mamdani and billionaire Ken Griffin.
Two New Jersey residents were potentially exposed to a person infected with hantavirus, according to health officials.
Three passengers have been evacuated from a cruise ship hit by a hantavirus outbreak, as related cases are confirmed in Switzerland and South Africa.
The FDA announced its first authorization of fruit-flavored electronic cigarettes intended for adult smokers, a major policy shift after months of appeals to President Trump from the vaping industry.
There's been a confirmed measles case in Manhattan, health officials said Tuesday.
Keyport residents say they're on edge because of dozens of cancer cases over the years in a neighborhood near the former Aeromarine landfill.
"The Pitt" star Isa Briones is bringing heightened pride and Filipino presence to both stage and screen.
Broadway's "The Book of Mormon" has canceled two weeks of performances following a fire at the Eugene O'Neill Theatre.
Uzo Aduba and Darren Criss announced the 2026 Tony nominees for select categories on "CBS Mornings" on Tuesday.
Rihanna, Sabrina Carpenter, Madonna, and Beyoncé all wore their best looks to celebrate the "Costume Art" theme at the 2026 Met Gala. Here are some of the best moments, photos, and more from the night.
Firefighters responded to Broadway's Eugene O'Neill Theater Monday morning after a blaze broke out.
Mark Vientos led off the 10th inning with a tiebreaking double to help the New York Mets beat the Arizona Diamondbacks 3-1 on Friday night.
Jacob Misiorowski reached 103 mph on 10 pitches while pitching two-hit ball over six innings in the Brewers' 6-0 victory over the Yankees on Friday.
Jalen Brunson scored 33 points and sealed the game with big buckets late, leading New York to a win over the Philadelphia 76ers.
Joel Embiid will return to the lineup for Game 3 of the Eastern Conference semifinals vs. the New York Knicks Friday in Philadelphia.
Jake McCarthy hit a grand slam and matched a career-high with five RBIs as the Rockies snapped a six-game losing streak with a 6-2 over the Mets on Thursday.
For more than four decades, residents living beside Brooklyn's District 13 Sanitation Garage in Coney Island have been waiting for the facility to move away from their homes.
There's a swim club in Harlem teaching kids a lifesaving skill, and they're turning timid swimmers into competitors.
The Davis Center at the Harlem Meer is celebrating one year of providing year-round recreation space to New Yorkers while still spreading the word to residents.
Residents displaced by a deadly apartment building fire in Inwood say it was only a matter of time before their building went up in flames.
In New York City, where land is at a premium, a stockpile of pristine soil unearthed at construction sites helps lower emissions and support urban farmers.
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.
Unions representing thousands of LIRR workers are rallying at the Massapequa station amid contract negotiations with the MTA. CBS News New York's John Dias reports. Saturday amid a dispute with the MTA that could trigger their first strike in decades.
Dystany Spurlock is the first Black female driver to compete in a NASCAR-affiliated series.
From flowers to brunch reservations, families are going all out to celebrate moms this year. CBS News' Gwen Baumgardner reports.
Participants in the Transportation Alternatives event will try to taste some of the finest pizza the city has to offer.
Hostilities remain high in the Strait of Hormuz as the U.S. and Iran continue to exchange fire. CBS News' Wendy Gillette reports.
