Investigation and pending class action lawsuits against Tremont Group Holdings, Inc.; Tremont Partners, Inc.; Rye Investment Management, Oppenheimer Acquisition Corporation, Oppenheimer Funds, Inc.; Massachusetts Mutual Life Insurance Company, and KPMG, L.L.P.
This invetigation relates to Bernie Madoff scam. It is alleged that Tremont unlawfully and deceptively failed in its oversight of clients' investments and that Tremont passed most of these duties on to Bernard Madoff of Madoff Investment Securities, Inc., who used clients' capital in a massive Ponzi scheme.
The Madoff scandal resulted in more than $50 billion in client losses to date, and is being called the largest investment scandal in United States History. Litigation in this matter alleges that Tremont and the other companies failed to perform proper due diligence and failed to exercise due care in managing client investments and specifically concealed from investors the fact that Tremont was not actively overseeing and safeguarding client investments. Clients invested more than $3 billion with or through Tremont's Rye Investment Management Funds, paying substantial investment advisor fees to Tremont in connection with the investments. The fees were intended to ensure that Tremont would select suitable investment managers, diversify clients' investment portfolios, follow a professional investment strategy and continually monitor clients' investments to avoid frauds and any unnecessary investment risks. However, the investments were given to Madoff.
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