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 email@example.com.
September 20, 2011 -The judge in the case has 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 October 30, 2011. The form can be downloaded here.
April 5, 2011 - The judge in the case has ruled that the 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. You can learn more here: www.gcginc.com and the notices are provide in the right-hand corner of this page.
February 25, 2011 – A motion was filed in the Tremont securities lawsuit today requesting that the Court set a final hearing date in order to grant preliminary approval of the proposed settlement, including a proposed plan to disseminate Notices, when approved. The motion for preliminary approval for the proposed settlement is available here for review.
Attorneys representing plaintiffs in the lawsuit against Tremont Holdings Group, Inc. issued a memorandum in support of the proposed settlement. In addition to the motion for preliminary approval for the proposed settlement, attorneys filed a stipulation of partial settlement, which details information for the creation of a settlement fund. The stipulation for partial settlement, which is pending Court approval, is available here.
March 26, 2009 - Today the U.S. District Court in New York appointed HBSS co-lead counsel for the state law cases. This category includes a total of four cases for consolidation.
The court also consolidated a handful of cases filed against Tremont Group Holdings. The court separated cases into three categories - claims under federal securities laws, state law actions and insurance actions.