Case Discussions > Tremont Rye Funds

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 its Rye Funds, please contact plaintiff's counsel, Steve Berman, of Hagens Berman at (206) 623-7292 or Reed Kathrein at (510) 725-3000, join this case or send an e-mail to madoff@hbsslaw.com.


March 26, 2009 - Today the U.S. District Court in New York 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.

The court also appointed HBSS co-lead counsel for the state law cases. This category includes a total of four cases for consolidation.

March 26, 2009
Co-Lead Appointment and Consolidation

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