We have been following the saga of the case brought by Irving Picard, the trustee overseeing the Bernard Madoff bankruptcy liquidation proceeding, against the owners of the NY Mets, Saul Katz and Fred Wilpon.  See our previous posts here, here, and here.

Today, the two sides announced a settlement.  Messrs. Katz and Wilpon agreed to pay $162 million and, according to the New York Times, “Picard, in turn, dropped all claims that the men turned a blind eye to warnings that Madoff was operating a fraud during their many years of investing with him.”  The settlement must be reviewed and approved by the court.

For further commentary, see Mets’ Owners Agree to Settle Madoff Suit for $162 Million, Mets Owners to Pay $162 Million to Madoff Trustee, and NY Mets Owners Settle Madoff Case, Avoid Trial.