Mets settle Madoff case for ... how much?

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Mets settle Madoff case for ... how much?

From Comcast SportsNet
NEW YORK (AP) -- The owners of the New York Mets baseball team and a trustee for Bernard Madoff's fraud victims settled Monday for 162 million in a case aimed at repairing the damage from a massive investment scheme. The Mets owners will not pay anything for three years. Jury selection had been set to begin in a civil trial to determine how much the team owners will owe other investors who trusted their money to Madoff, who cheated thousands of investors of roughly 20 billion over at least two decades Trustee Irving Picard had argued the team owners knew that Madoff's corrupt investment scheme was a fraud but continued their investments anyway because they were making a lot of money. Lawyers for the owners insist their clients had no idea the investments were a sham. Both Fred Wilpon and Saul Katz, principal Mets owners, were in court Monday at the defense table. Judge Jed Rakoff said Picard had reviewed the evidence and will no longer pursue a claim of "willful blindness" against the defendants. The judge already had ruled the team's owners must pay up to 83.3 million in profits they received from Madoff. But another ruling blocked Picard from trying to collect the full 1 billion he sought to recoup. He has filed hundreds of lawsuits to force those who profited from their investment to pay into a fund for Madoff's victims. The case has damaged the Mets' financial picture, forcing the team to slash payroll and try to raise tens of millions of dollars by selling small chunks of the team. Dodgers Hall of Fame pitcher Sandy Koufax had been scheduled to testify in the trial about Wilpon's intentions. Koufax invested in Madoff's private investment business at Wilpon's recommendation.

White Sox Talk Podcast: Will more dominoes fall after Adam Eaton trade?

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White Sox Talk Podcast: Will more dominoes fall after Adam Eaton trade?

In the latest White Sox Talk Podcast, CSN's Chuck Garfien goes 1-on-1 with White Sox GM Rick Hahn following the trade of Adam Eaton to the Nationals, which brought more top prospects to the South Side. Will more dominoes fall as the Sox go into a full rebuild?

Hahn says they expect to compete for championships within five years! Chuck also chats with new manager Rick Renteria, who tells us what he hopes to get out of his club in 2017 and beyond.

Plus, Insider Dan Hayes and Siera Santos join the crew to breakdown the timeline of getting some of these new pieces to the major leagues.

Check out the latest edition of the White Sox Talk Podcast here:

Morning Update: White Sox ship Adam Eaton to Nats; Cubs acquire Wade Davis for Jorge Soler

Morning Update: White Sox ship Adam Eaton to Nats; Cubs acquire Wade Davis for Jorge Soler

Five Things to Watch: Bulls try to snap skid against Spurs on CSN

White Sox deal Adam Eaton to Nationals for Lucas Giolito, two others

Why Cubs felt like they had to trade Jorge Soler now

Much-needed face lift has vastly improved White Sox farm system overnight

John Fox, Vic Fangio nix report of rift in Bears coaching ranks

How Cubs convinced themselves Wade Davis would be worth the health risk

Chris Sale: Trade from White Sox 'bittersweet,' ready to move on with Red Sox

Blackhawks: Dennis Rasmussen's defensive roots run deep

White Sox manager Rick Renteria won't be fazed by rebuild

The second-guessing follows Joe Maddon from World Series to winter meetings