Tremont Group Holdings
09/20/11 Judge Approves $100 Million Settlement
The judge in the case has granted final approval to a $100 million settlement. The claims period has ended.
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.
If you invested through Tremont or its Rye Funds, please contact plaintiff's counsel, Steve Berman, of Hagens Berman at 206-623-7292 or Reed Kathrein at 510-725-3000, or send an email to firstname.lastname@example.org.
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