BY Larry Mcshane

Sunday, March 8th 2009, 1:58 AM

The corrupt “Mafia Cops,” jailed for life last week, left behind a costly legacy: lawsuits seeking $1.4 billion from the city on behalf of seven mob-executed victims.

The barrage of cases – filed in Brooklyn Federal Court – accuse the city and the NYPD of turning a blind eye as rogue detectives Louis Eppolito and Stephen Caracappa worked for the Luchese crime family.

Court documents show there was a meeting between lawyers for the city and the seven plaintiffs last month, with additional sessions scheduled later in March.

The biggest suit, seeking $500 million, was filed by the family of jeweler Israel Greenwald. He was kidnapped and executed on Feb. 10, 1986, with the two cops collecting a $30,000 fee.

The saddest case may involve Nicholas Guido, gunned down in a case of mistaken identity on Christmas Day 1986. His mother, Pauline Pipitone, filed a $150 million suit.

The cops’ convictions and sentencing are a boon to the plaintiffs, one legal expert said.

“Now there’s proof beyond a reasonable doubt that the cops did what they’re accused of doing,” lawyer Ron Kuby said yesterday.

“The plaintiffs now have to show the city engaged in a reckless failure to supervise the mob cops.”

The Pipitone suit alleges the crooked cops “acted with the express and tacit consent, knowledge and authorization” of the NYPD and the city.