Showing posts with label settlement. Show all posts
Showing posts with label settlement. Show all posts

Monday, March 19, 2012

Mets Owners agree to pay $162 Million to settle lawsuit

The owners of the New York Mets agreed to pay $162 million to settle a lawsuit by the trustee seeking money for the victims of Bernard Madoff's fraud, a deal that eases pressure on the owners of the cash-strapped baseball team.

The settlement calls for payments over a five-year period and Wilpon and Katz will not have to pay any cash until the fourth year. The $162 million could end up being mostly paid with money returning to the owners' Sterling Equities firm as a result of being a victim of the fraud.

Mike Francesa Talks Law Expert Steve Kallis on WFAN

Friday, November 04, 2011

Mets settle suit with women who was hurt by the Fat Guy

A woman who had her back broken by a falling fat guy at Shea Stadium has settled her big buck lawsuit against the Mets, court records show.

Ellen Massey blamed the team for her injuries, contending they knew or should have known the drunken 300-pound fan five rows above her was a problem, and they did nothing to stop him from tormenting the other people in her section.

That fan, Timothy Cassidy, denies he was drunk, but witnesses said he was so sloshed, he couldn't even complete the "Let's go Mets!" chant.

The incident happened on opening day of 2007, when Massey had treated two of her nephews to watch the Amazin's take on their hated rival Phillies.

Witnesses said Cassidy was drunk and belligerent through the game, chiding fans for not being boisterous enough and "trying to pick a fight with anybody he can."

Wednesday, November 02, 2011

Mets Owners to settle on secondary Madoff-related lawsuit

A second lawsuit brought against New York Mets principal owner Fred Wilpon and family related to Bernard Madoff's Ponzi scheme is nearing a settlement, the parties acknowledged in a letter to District Court Judge Paul A. Crotty.

The widow of a former employee of Wilpon's Sterling Equities Associates filed a lawsuit in U.S. District Court in Manhattan in July 2010 alleging the real-estate company, which owns the Mets, and several of its top executives bear responsibility for letting employees put more than $16 million in 401(k) assets into accounts controlled by the now-jailed financier Madoff.

The lawsuit, which sought class-action status, contended that $16.2 million of the 401(k)'s $17.6 million in assets were invested with Madoff. It alleged that Wilpon had fiduciary responsibility for that decision on the grounds that Sterling Equities and several of its top executives should have known that Madoff was carrying out a massive Ponzi scheme that cost thousands of investors billions of dollars. Madoff, 73, revealed the fraud in December 2008, pleaded guilty to fraud charges and is serving a 150-year prison sentence.

The lawsuit said its plaintiff, Elyse S. Goldweber, was the beneficiary of the 401(k) plan built by her late husband, David A. Sloss. It said the majority of $280,420 in her husband's retirement plan was directly invested with Madoff "and has now been wiped out."

Thursday, February 03, 2011

Settlement talks between Mets & Bernard Madoff trustee end

Bernard Madoff's mugshot
A lawyer for the trustee trying to recover money for the victims of the Bernard Madoff Ponzi scheme says negotiations have ended to settle a lawsuit filed against the New York Mets owners and their affiliated companies.

David J. Sheehan, a lawyer for trustee Irving H. Picard, sent a letter to Judge Burton R. Lifland of U.S.

Bankruptcy Court in Manhattan today asking that he unseal the lawsuit filed Dec. 7 against Fred Wilpon, Jeff Wilpon, Saul Katz and dozens of entities and people connected to the Mets and Sterling Equities.

Karen E. Wagner, a lawyer for the Mets owners, said in a letter to Lifland later today that her clients no longer opposed unsealing the suit.

A Feb. 9 hearing had been scheduled on a motion to unseal the suit filed by The New York Times and WNBC.

Sheehan wrote the defendants "have affirmatively taken action to try this case in the press and the court of public opinion."

"Defendants cannot cry confidentiality to this court while publicly attacking the complaint and continuing to frustrate the public's right to know the contents of the same complaint they disparage," he wrote.
Wagner, in her letter, wrote that settlement discussions ended after two unidentified lawyers violated court orders and disclosed confidential information to the Times, which reported the suit sought to recover $300 million in what Picard called fictitious profits.

"As a result, one-sided and misleading information was publicly disseminated both about the complaint and the defendants," Wagner wrote, adding that the complaint contained "unfounded conclusions."
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