Mets' owners settle suit in Madoff case
New York Mets owner Fred Wilpon. (Getty Images) Credit: New York Mets owner Fred Wilpon. (Getty Images)
A second, smaller lawsuit against the Mets' owners for allegedly being part of the infamous Ponzi scheme perpetrated by Bernie Madoff has reached a tentative settlement, according to published reports Wednesday.
Lawyers on Tuesday notified a Manhattan district court judge about the agreement, although its terms were not made public.
The Mets didn't return a call seeking comment.
In a letter, the attorneys for the two parties said they are preparing to share the settlement terms with the Department of Labor.
The 2010 suit was filed by one person - the widow of a former employee of Sterling Equities, founded by Mets CEO Fred Wilpon. Both Sterling Equities and Wilpon were named in the suit, which claims they should have known about Madoff's scheme when they lost more than $16 million in 401(k) assets by investing with the swindler.
A larger lawsuit that initially sought $1 billion from the Mets' owners is still pending.
A court ruling pushed down the amount to $386 million. Wilpon has denied being willfully involved in the Madoff scandal.
Sarra Sounds Off: Suffolk Hall of Fame Class of 2026 On the latest episode of "Sarra Sounds Off," the Suffolk Hall of Fame class of 2026, former NFL Quarterback Mike Buck and Jared Valluzzi has the plays of the week. Credit: Newsday
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