The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
The owners of the New York Mets baseball team have reached a revised agreement with the trustee seeking to recoup money for the victims of Bernard Madoff's fraud that gives them more time to pay up to $61 million, the parties announced on Tuesday.
The deal came four years after a group including brothers-in-law Fred Wilpon and Saul Katz, the owners of the Mets, reached a settlement to pay a maximum of $162 million as a trial in federal court in Manhattan was set to start in a lawsuit by trustee Irving Picard.
The lawsuit had accused the group of turning a blind eye to the fraud by Madoff, whose Ponzi scheme was uncovered in December 2008, a claim they denied. Wilpon and Katz had invested with Madoff for roughly 25 years. Now 78, Madoff pleaded guilty to fraud in March 2009 and is serving a 150-year prison term.
Picard has recovered or reached agreements to recover roughly $11.14 billion, more than three-fifths of the $17.5 billion of principal he has said customers of Bernard L. Madoff Investment Securities lost.
Under the original 2012 deal's formula, the amount owed by Wilpon, Katz and their partners at Sterling Equities was reduced as Picard made payments to victims, which included the settling parties, who had customer claims of $176.6 million.
Picard on Tuesday said that as a result of those payments, the $162 million had been reduced to $61 million, which would have been paid in two installments of $23.3 million this Tuesday and another $37.9 million on June 1, 2017.
Under the revised agreement announced in a joint statement on Tuesday, the Katz-Wilpon parties will pay only $16 million on Tuesday. The rest will be divided into four installments through 2020, with interest payments expected to equal $2.2 million.
Wilpon and Katz also increased personal guarantees to cover the unpaid balances, the parties said.