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.
Arrests were made outside Madison Square Garden on Wednesday as crowds once again started causing trouble during the Knicks NBA Finals game.
The Knicks set the record for the biggest NBA Finals comeback Wednesday night as they rallied from 29 points down to beat the Spurs 107-106.
Dozens of young girls unexpectedly emerged from a drain in the patio of a Rockland County restaurant Wednesday after taking an unauthorized trek underground.
The St. Louis Cardinals beat the New York Mets 9-2 on Wednesday to match a season high with their sixth straight victory.
Taylor Swift attended Game 4 of the NBA Finals between the Knicks and Spurs at Madison Square Garden on Wednesday.
Arrests were made outside Madison Square Garden on Wednesday as crowds once again started causing trouble during the Knicks NBA Finals game.
The Knicks set the record for the biggest NBA Finals comeback Wednesday night as they rallied from 29 points down to beat the Spurs 107-106.
Dozens of young girls unexpectedly emerged from a drain in the patio of a Rockland County restaurant Wednesday after taking an unauthorized trek underground.
Taylor Swift attended Game 4 of the NBA Finals between the Knicks and Spurs at Madison Square Garden on Wednesday.
An 88-year-old man was sentenced to life in prison Wednesday for murdering and dismembering a woman in Brooklyn in 2022.
Thursday and Friday will be First Alert Weather Days in the New York City area, with high temperatures and the chance for strong storms.
The Stamford Fire Department said high winds ripped the 3,000-square-foot flag off the pole atop the WWE building and sent it flying into electrical wires.
Storms hit the New York City area on Saturday, bringing damaging winds, hail and downpours across the region.
It's unseasonably warm in New York City on Wednesday as humidity adds to the summer-like weather. There's also a slight chance for showers in parts of the Tri-State Area.
It's back to feeling like spring, and even summer on some days, as warm weather and sunshine return to the New York area.
MetLife Stadium, which hosts its first match of the World Cup this Saturday, has undergone a transformation.
Several people were struck by a vehicle in Jersey City Wednesday morning. It happened at around 8:50 a.m. at Wilkinson and Ocean Avenues.
Thursday and Friday will be First Alert Weather Days in the New York City area, with high temperatures and the chance for strong storms.
NJ Transit riders were hit with more delays and cancellations during the Tuesday evening rush, raising questions about whether the system is ready to handle the thousands expected to attend the matches.
The 2026 FIFA World Cup is front and center in New York and New Jersey, where there are plenty of free watch parties and events happening.
A Long Island woman says her efforts to avoid check washing didn't keep her from being robbed, calling the experience "upsetting and disheartening."
The 2026 FIFA World Cup is front and center in New York and New Jersey, where there are plenty of free watch parties and events happening.
Workers in Nassau County are calling for Juneteenth to be an official public holiday, just like it already is in the rest of the state.
Prosecutors on Long Island announced a crackdown on what they're calling serial shoplifting.
An 18-year-old pleaded guilty Thursday to murder and weapons charges in connection to a deadly shooting at a Long Island house party in 2025.
The bench trial of former New York City Comptroller Brad Lander over his arrest at the city's immigration court last fall got underway on Wednesday in Manhattan.
Calls to ban horse carriages in New York City are growing after a horse collapsed and died in Central Park Tuesday.
Workers in Nassau County are calling for Juneteenth to be an official public holiday, just like it already is in the rest of the state.
Tom Homan, President Trump's border czar, is increasing his attacks on Gov. Kathy Hochul, threatening, yet again, to surge more ICE agents into New York.
NYC Mayor Zohran Mamdani is not on the ballot in the upcoming primaries, but he could be the deciding factor in whether two sitting congressmen are defeated.
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.
New Jersey Gov. Mikie Sherrill is urging people to donate blood ahead of the summer months.
There's no vaccine for the Bourbon virus, nor medicine to treat it, according to the U.S. Centers for Disease Control and Prevention.
Marie Francillion was diagnosed with lung cancer after she was feeling heartburn and shoulder pain. She said she's able to remain hopeful and spend more time with her family because of a different type of treatment.
Taylor Swift attended Game 4 of the NBA Finals between the Knicks and Spurs at Madison Square Garden on Wednesday.
"Schmigadoon!" — which was tied for the most nominations, with 12 — won Best Musical, and "Liberation" took home the honor of Best Play at the 2026 Tony Awards.
The Broadway revival of the musical (nominated for 11 Tony Awards) depicts drama, joy and heartbreak in the pursuit of the American Dream at the turn of the 20th century, with parallels to the contemporary world, from issues of race to the immigrant experience.
Madonna performed a surprise concert in Times Square weeks before the release of her "Confessions II" album.
Knicks superfan Spike Lee stopped by CBS Mornings to give his thoughts as the Knicks get set to play in the NBA Finals, and he offered his prediction, too.
The Knicks set the record for the biggest NBA Finals comeback Wednesday night as they rallied from 29 points down to beat the Spurs 107-106.
The St. Louis Cardinals beat the New York Mets 9-2 on Wednesday to match a season high with their sixth straight victory.
Hundreds of free World Cup tickets will be given to working families with kids, first responders and military families in the New York City area.
Jazz Chisholm Jr. drove in three runs, Carlos Rodón pitched six solid innings, and the Yankees completed a three-game sweep of the Guardians with an 8-4 win on Wednesday.
MetLife Stadium, which hosts its first match of the World Cup this Saturday, has undergone a transformation.
Harlem's historic Cotton Club recently announced it was up for sale. The news comes as jazz clubs across the borough disappear.
Jasir Gipson was shot by a stray bullet at 5 years old while walking with his mother. More than a decade later, he's graduating from high school with nothing but a smile.
Garbage piling up near freight train tracks is frustrating many Maspeth residents.
Residents and elected officials are urging the MTA to reopen the Long Island Rail Road's former Elmhurst station, arguing that the neighborhood has outgrown its current transit options.
Before there was a Brooklyn, there was a flagpole, and since the earliest days of our country, it stood as a symbol of freedom and self-determination.
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.
Knicks fans celebrated a record-setting NBA Finals Game 4 win Wednesday night. Watch team coverage from CBS News New York.
Watch the moment the CBS News New York team and fans witnessed the Knicks win Game 4 of the NBA Finals in a stunning come-from-behind victory.
The Knicks set the record for the biggest NBA Finals comeback Wednesday night as they rallied from 29 points down to beat the Spurs 107-106. Watch team coverage from CBS News New York.
CBS News New York's Lonnie Quinn has your First Alert Forecast for June 10 at 11 p.m.
The Apollo Theater's marquee lights are back on. A celebration was held Wednesday to mark the milestone.
