The two co-owners of the New York Mets baseball team have agreed to pay $162 million to settle a lawsuit, which accused them of knowing about Bernard Madoff’s investment fraud.
Fred Wilpon and Saul Katz both deny having any knowledge of or benefiting from Madoff’s Ponzi scheme. But the Mets’ current financial difficulties have some speculating that the settlement might have been an attempt to keep any embarrassing financial records from the public eye. Avoiding a costly and time-consuming trial also means one less distraction during the baseball season.
Others, of course, speculate that the settlement is an implicit admission of guilt.
Madoff’s victims have so far received $9 billion of their total losses.