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FBN's Ashley Webster breaks down details of the settlement between Bernie Madoff trustee Irving Picard and the New York Mets owners.
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-- the owners for the New York Mets baseball team will pay 162.
Million dollars.
-- to a fund for victims of Bernie Madoff down they settled Irving Picard the trustee for.
Madoff firm suing the owners the settlement reached just before the jury selection was supposed to Begin today so we have Ashley Webster already down there at the end.
The courthouse in lower Manhattan they settled actually.
Yes so I think this was on the books to be honest with you guys this case -- actually been going on for some -- the court appointed trustee.
Irving Picard had originally sued the owners of the -- for some one billion dollars a judge slash that by 700 million we were down to about 300.
Possibly to 383 million but as you say a settlement reached before they even got to jury selection this morning.
And that settlement is that the co owners of the Mets Fred Wilpon and Saul Katz.
Have agreed to settle for a 162.
Million dollars at stake here.
Was whether the Mets owners.
Willfully were blind to what Bernie Madoff was doing they had withdrawn some 300 million dollars.
Prior to the Madoff scheme being on.
-- -- if you like or at least when he was arrested but police say they've always acted in good faith enough to today's settlement.
They reiterated that very fact.
Not look.
We never was.
We acted in good faith.
Can we are very pleased.
That this settlement.
Bares that out that's very important to us.
Well.
-- 162.
Million dollars saying guys but no payment will have to be made for three years -- that's because.
-- -- met so does that family isn't.
Trusts have a claim against the Madoff.
Est 478.
Million dollars so whatever money they recoup from that will be matched negates the settlement today.
And then the echo does -- say they will guarantee whatever is leftover up to 29 million dollars this was very important for a living -- -- If he had gone to trial and lost he could -- have a big impact on all the other trials that are just waiting in the wings as he tries to pull back as much money is he can't from the Madoff Ponzi scheme he's in fact filed over a thousand lawsuits guys and he's doing everything he can't get as much money back.
A settlement not such a big blow if he had gone ahead -- this trial and.
