Settlement Reached in Madoff Victims v. Mets Owners
We’ve kept you updated on the drama surrounding the expert witnesses in the Madoff trustee’s case against the New York Mets’ owners. It appears the sideshow that saw three experts tossed from the trial over inadequate qualifications has come to a close. The owners of the NY Mets have settled with the Madoff victims’ court-appointed trustee for $162 million. The settlement, which was announced Monday just as jury selection was scheduled to begin, negates the need for the trustee to prove the Mets owners were “willfully blind” to the Ponzi scheme.
From CNN Money:
The Mets’ owners were among thousands of investors who had invested in the Madoff’s Wall Street firm, which was a front for his Ponzi scheme.
As part of the settlement, the trustee will now consider the Mets owners’ claim that they lost $178 million to Madoff’s scheme. The trustee’s firm released a statement that the Mets owners “will be entitled to recovery on the same basis” as other Madoff customers.
The trustee has sued hundreds of investors who allegedly profited from the scheme, even though many of them — including the Mets’ owners — deny knowing that it was a scam.
The figure of $162 million represents six years of “fictitious profits” that the Mets’ owners made as a result of investing in Madoff’s firm, which was a front for a massive Ponzi scheme that netted thousands of victims.
The trustee had originally sued the Mets owners for $1 billion, but Rakoff threw out the $700 million portion of the lawsuit last year.
We would love to hear your thoughts about the expert witnesses or the judge in this much hyped case. Expert Witness Harrison J. Goldin, Expert Witness John Maine, Judge Jed S. Rakoff and thousands of other expert witnesses, mediators, arbitrators and judges may be reviewed at www.courtroominsight.com.