On Sept. 20, 2011 the judge in the case granted final approval to a $100 million settlement. Members of the class must submit a proof of claim form to take part in the settlement. The claim form must be postmarked no later than Oct. 30, 2011. Download the form.
The judge in the case ruled that plaintiffs may send notices to the class informing them of the settlement. The judge also ordered that The Garden City Group, Inc. will serve as the Notice and Claims administrator to oversee the notice procedure and the disbursement of the settlement. Learn more here: www.gcginc.com. Notices are provided in the right-hand corner of this page.
Hagens Berman Sobol Shapiro filed a class-action lawsuit on behalf of investors and groups that invested capital with Tremont Group Holdings. The lawsuit alleges the company and others grossly neglected fiduciary duties by turning capital over to Bernard Madoff Investment Securities.
The suit alleges investors lost a total of $3.3 billion in assets, $3.1 billion from the Rye Funds.
The lawsuit names several defendants including Tremont Group Holdings, its Rye Investment Funds, Oppenheimer Acquisition Corporation, OppenheimerFunds, which owns Tremont, Massachusetts Mutual Life Insurance Company, a majority owner of OppenheimerFunds and KPMG LLP, Tremont's auditor.
The lawsuit alleges Tremont turned over virtually all capital invested in its Rye Funds to Madoff, $3.1 billion. While relinquishing management to Madoff, Tremont continued to receive management fees from clients. The company provided account statements and other documentation that made it appear as though Tremont had active oversight of clients' capital.
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