Principal Mets owners Fred Wilpon and Saul Katz will avoid a potentially embarrassing trial.  The owners agreed to pay $162 million to settle with Madoff trustee Irving Picard. The settlement was reached on Friday, but kept secret until Monday. The pact was announced in Federal District Court in New York just as the trial was set to start.  As all the parties gathered in court, Judge Jed Rakoff said: "It's a lovely day for a trial, but the parties have something else in mind." Mr. Picard had accused Wilpon and 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. What Mets Get Out of Settlement. The deal allows Wilpon and Katz to avoid having their business affairs spilled out in court.  The trustee also may receive money for customers sooner than if the lawsuit continued to be fought in court. Principal Mets owners Fred Wilpon and Saul Katz will not have to pay any money immediately.  The terms of the pact call for payments over a 5-year period, easing some of the immediate pressure on the Major League Baseball team's finances.  Rakoff scheduled 4/13/12 for final approval of the deal. Mediator Mario Cuomo. Former NYS Governor Mario Cuomo, who oversaw mediation of the dispute, told reporters outside the courtroom: "In any settlement, nobody gets everything they want, but both sides got something.  This is common sense, there's no artistry here." Madoff Trustee Recoveries to Date. Trustee Picard has recovered about $9.1 billion so far through all of his litigation, although about $6.4 billion is unavailable due to appeals and reserves. For further details:  [Reuters, 3/19/12].