Lawyers: Tentative deal in $16M Mets-Madoff suit
Wednesday, November 2, 2011
NEW YORK (AP) -- Lawyers say they've reached a tentative settlement of a lawsuit blaming the New York Mets' owners for losing more than $16 million in 401(k) assets by investing with failed financier Bernard Madoff.
Terms of the deal were not disclosed. The Manhattan judge was notified Tuesday.
It would resolve a 2010 lawsuit against Sterling Equities Associates and Fred Wilpon, the Mets' chief executive officer and principle owner.
The lawsuit said the defendants should have known about Madoff's massive fraud.
It was filed by one person, but her lawyers had sought class-action status.
The lawsuit said 92 percent of the retirement fund's assets were invested with Madoff. It did not say how many people were affected.
Lawyers in the case did not immediately comment.
Madoff got a 150-year prison sentence.