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Fred Wilpon is getting sued over Madoff investments

Jul 31, 2010, 1:37 PM EDT

Before you get too excited for news of the Mets making a big, big trade deadline splash, you may want to read this:

New York Mets principal owner Fred Wilpon was sued on Friday over alleged losses suffered by retirement plan participants at his firm Sterling Equities. The complaint filed Friday in Manhattan federal court said Sterling invested $16.2 million, or 92 percent, of the 401(k) plan’s $17.6 million of assets with convicted Ponzi-schemer Bernie Madoff . . .

. . . The complaint seeks class-action status on behalf of plan participants, a number it estimates in the hundreds. There were 267 participants at the start of 2008, the complaint said.

The Wilpons have a lot of things on their plate that don’t involve the Mets.

  1. Chipmaker - Jul 31, 2010 at 1:41 PM

    92% of the assets? Whoo-hoo, way to diversify that portfolio!

  2. melodyjbf - Jul 31, 2010 at 3:00 PM

    Aw, I was hoping this would be a class-action suit on behalf of all Mets fans, since many of the bad decisions seem to trace back to Wilpon… now THAT would be awesome.

  3. Buccofan - Jul 31, 2010 at 3:03 PM

    If I were Wilpon, I’d state publicly that “I’m going to make good on the $16.2 million”, then do it that day. Avoid the legal wrangle, avoid enriching the lawyers, maybe generate a little goodwill to offset all the bad feelings. It’s not as if Freddy doesn’t have the money.
    But I’m 99 44/100% sure he won’t. Why have it simple when you can have it complicated?

  4. Adenzeno - Jul 31, 2010 at 3:10 PM

    Wilpons are lost-How else do you explain this or the fact that they have one of the largest incomes in MLB and cant win.

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