Tuesday, 29 July 2014
Last updated 17 hours ago
Aug 19 2013 | 9:28am ET
A court has resurrected an investor lawsuit against one of the largest Bernard Madoff feeder fund managers.
A Washington State appeals court revived the suit against Tremont Group Holdings and its parent companies, overturning a lower-court dismissal of the claim. The lead plaintiff, FutureSelect Portfolio Management, says it lost $195 million when Madoff's Ponzi scheme collapsed in 2007. Tremont clients lost some $3 billion in the $65 billion fraud.
"The complaint adequately alleges negligent misrepresentation claims against Tremont, Ernst & Young, agency claims against Mass Mutual and Oppenheimer, and an apparent agency claim against Mass Mutual," the court ruled.
Two years ago, Tremont settled a lawsuit filed by Madoff receiver Irving Picard for $1 billion. FutureSelect has opted out of that deal.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…