Tremont - Massachusetts Mutual

  • 2011 0728 - NYT - Settlement of More Than $1 Billion From Madoff-Related Funds, By Reuters - [link]
    • Mr. Picard has said Tremont, based in Rye, N.Y., which is part of the Massachusetts Mutual Life Insurance Company, was the second-largest “feeder fund” group that funneled money to Mr. Madoff from its own investors.
    • He sued Tremont for $2.1 billion on Feb. 28, accusing it of missing “red flags” and “blindly relying on Mr. Madoff to drive their funds’ returns” for nearly 15 years.
  • State Law Securities Cases
    • In re Tremont Group Holdings, Inc. Securities Litigation, No. 09 Civ. 03137 (S.D.N.Y.).
    • Motley Rice represents an individual investor in consolidated litigation regarding investments made in Bernard L. Madoff Investment Securities, LLC, through a variable universal life insurance policy.
  • 2011 - LC - YALE M. FISHMAN 1998 INSURANCE TRUST v. AGL LIFE ASSURANCE COMPANY, TREMONT GROUP HOLDING, MASSACHUSETTS MUTUAL LIFE INSURANCE CO  - "Universal Life Insurance - [Doc 1-64p]
    • UNITED STATES DISTRICT COURT - EASTERN DISTRICT OF NEW YORK - Case 2:11-cv-00211-JFB -AR 
    • Supreme Court of the State of New York, County of Nassau - Index No. 601094/20 10
  • 2009 - AP - Enablers of Exuberance: Legal Acts and Omissions that Facilitated the Global Financial Crisis, by Jennifer S. Taub - 69p
    • Another sophisticated investor was Tremont Holdings, Inc.
      • Tremont is part of the Oppenheimer Funds unit of Massachusetts Mutual Life Insurance Co.
      • Tremont lost over $3 billion in client assets after acting as a major―feeder‖ to Bernard L. Madoff Investment  Securities ponzi scheme.
    • Apparently, at least half of Tremont‘s assets were invested (via assorted feeder funds) with Madoff.
    • Tremont attempted to refund money to clients by liquidating other assets, however it was blocked by many ―gates‖ and other restrictions on withdrawals from both private equity and hedge fund positions.505
    • Clients have sued, claiming that Tremont should have known about the fraud.
      • Tremont has denied the allegations.
        • It stands to reason, then that if Tremont is liable, then it failed in its responsibilities as a sophisticated investor.
        • If Tremont is not liable, then, it shows that sophisticated investors are incapable of monitoring