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.
The move would reduce the minimum uninsured motorist coverage for ride-share services from $1.5 million to as low as $35,000.
Aerial shots of the blaze appear to show a portion of the building on East Main Street collapsed overnight.
New York Mets slugger Juan Soto is scheduled to undergo an MRI after he left Friday night's game against the San Francisco Giants with right calf tightness.
Francisco Alvarez homered twice and rookie Nolan McLean retired his first 15 batters as the New York Mets snapped a three-game skid Friday night with a 10-3 rout of the San Francisco Giants.
President Trump ordered the Department of Homeland Security to find a way to pay "each and every employee" of the agency.
Easter weekend kicks off with May-like weather in the New York area before rain returns for the holiday.
New York City's attempt to reduce class sizes will likely be pushed back for two years, a state senator told CBS News New York.
Stony Brook University professor Timothy Glotch is one of 10 scientists selected to shape research plans for NASA's next Artemis missions.
The struggle for some dementia patients and caregivers just to get through the day can be daunting and stressful, but some programs in New York are helping alleviate stress.
Social media influencers are driving a dangerous trend of people trespassing to explore abandoned buildings, New York State Police say.
Easter weekend kicks off with May-like weather in the New York area before rain returns for the holiday.
UConn's jaw-dropping buzzer beater catapulted them to the Final Four.
Bridgeport firefighter Terrence Cramer was killed after his girlfriend's ex shot him in a fit of rage at a Connecticut home, according to an arrest warrant.
Jabari Bush is accused of fatally shooting active-duty Bridgeport Firefighter Terrence Cramer in Shelton, police said.
Warmer weather will return to New York City and the surrounding area soon.
The move would reduce the minimum uninsured motorist coverage for ride-share services from $1.5 million to as low as $35,000.
Aerial shots of the blaze appear to show a portion of the building on East Main Street collapsed overnight.
Easter weekend kicks off with May-like weather in the New York area before rain returns for the holiday.
With just over one square mile of land, the City of Hoboken says the 2026 FIFA World Cup could be a once-in-a-generation opportunity for homeowners.
New Jersey Gov. Mikie Sherrill and her family are moving into Drumthwacket, the governor's official residence in Princeton.
Stony Brook University professor Timothy Glotch is one of 10 scientists selected to shape research plans for NASA's next Artemis missions.
A Long Island man accused of shooting his sister in the head with a crossbow pleaded not guilty to attempted murder Thursday.
A Long Island high schooler and his mom are being credited with saving a sleeping neighbor from a house fire.
New York Republican gubernatorial nominee Bruce Blakeman said Tuesday he will sue the state after the Campaign Finance Board denied him matching funds.
The driver accused of striking and killing a Nassau County school crossing guard in February has been arraigned.
President Trump ordered the Department of Homeland Security to find a way to pay "each and every employee" of the agency.
New Jersey Gov. Mikie Sherrill and her family are moving into Drumthwacket, the governor's official residence in Princeton.
The search for the second crew member, a weapons system officer, is continuing, two U.S. officials said.
One of the sources said Hegseth wants someone in the role who will implement President Trump and Hegseth's vision for the Army.
A pastor in New Jersey was taken into custody by immigration agents while working at his day job, according to church members.
What started as a sinus infection left a Long Island teenager fighting for his life, requiring emergency brain surgery.
Older adults in New Jersey recorded the highest number of suspected overdose deaths in 2025, according to the New Jersey Department of Health.
The first case of mpox clade I has been detected in New York City, health officials said Friday. Of the two types of mpox, clade I is known to cause more severe disease and death.
Heights University Hospital, formerly known as Christ Hospital, shuttered its emergency room Saturday night.
New Jersey Sen. Andy Kim is opening up about his father's Alzheimer's diagnosis in hopes of helping others struggling like him to care for their loved ones.
A federal judge in New York has tossed out actor Blake Lively's sexual harassment claims against actor Justin Baldoni over their roles in the movie "It Ends With Us," but left intact a claim for retaliation.
Atlanta rapper Gucci Mane was lured to a Dallas studio for a meeting, then allegedly kidnapped and robbed by a group including rappers Pooh Shiesty and Big30.
Megan Thee Stallion was released from a New York City hospital after she got sick during a performance of "Moulin Rouge! The Musical."
The price hike raises the cost of the standard plan with ads by $1 per month and the cost of the standard and premium plans by $2.
Savannah Guthrie stepped back from her NBC duties almost two months ago when her mother, Nancy Guthrie, disappeared. The investigation is ongoing.
New York Mets slugger Juan Soto is scheduled to undergo an MRI after he left Friday night's game against the San Francisco Giants with right calf tightness.
Francisco Alvarez homered twice and rookie Nolan McLean retired his first 15 batters as the New York Mets snapped a three-game skid Friday night with a 10-3 rout of the San Francisco Giants.
The New York Knicks routed the Chicago Bulls 136-96 on Friday night in a game they led by 47 points.
The surging Hawks routed the Nets 141-107 on Friday night for their fourth straight victory and 18th in 20 games.
The Flyers beat the Islanders 3-1 on Friday night to move within one point of the Islanders for third place in the Metropolitan Division.
Preparations for Passover in Brooklyn blend centuries-old rituals with modern traditions unique to each family.
New York has filed a lawsuit against solar company Attyx, saying it didn't just sell panels, it sold promises it couldn't keep.
Long before Manhattan's iconic street grid took shape, an English widow planned a Brooklyn community that helped shape the city today.
The Center for Brooklyn History showcase examines the Battle of Brooklyn through rare maps, paintings, and historical artifacts from the American Revolutionary War.
From World War II to modern mixology, women in Brooklyn fought for their place behind the bar. This Women's History Month, their legacy continues to influence the city's nightlife.
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.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Dogs got decked out for the annual Tompkins Square Halloween Dog Parade in New York City's East Village on Saturday.
Cosplayers flooded New York City's Javits Center in October 2024 for the annual New York Comic Con convention.
A triple-threat cast performs the biggest showstoppers from the best musicals in this Broadway production. CBS News New York's Dave Carlin reports.
CBS News New York's John Elliott spends the morning at the Jacob Javits Convention Center on the first weekend of the 2026 New York International Auto Show.
The Fresh Air Fund has been hosting free summer camps for kids living in New York City for nearly 150 years. CEO Lisa Gitelson discusses the benefits and how parents can choose the best option for their kids.
Paterson firefighters battled intense flames coming from the entire building on East Main Street.
It's the first time enemy fire has downed a U.S. plane since the start of the war with Iran. CBS News' Shawna Mizelle reports.
