The settlement was announced in Manhattan federal court by US district judge Jed Rakoff yesterday. Payments by the team are expected to occur over several years.
Irving Picard, the court-appointed trustee, had accused Mets owners Fred Wilpon and Saul Katz of ignoring warning signs that Madoff was running a fraud during their 25 years of investing with him.
The owners countered that they did not know Madoff was running a Ponzi scheme. The money does not have to be paid back for three years.