News & Media
Recoveries in the Tremont Litigation Amounting To Over $758 Million
April 14, 2016
NEW YORK, NY, April 14, 2016 – U.S. District Court Judge Thomas P. Griesa has approved the Fund Distribution Account (“FDA”) Plan of Allocation (“FDA POA”) in the Tremont Litigation, amounting to $758, 043, 355.85.
The action arose out of the Bernard L. Madoff Ponzi scheme. The claims alleged were based upon defendants’ investment of billions of dollars with Madoff and his firm BLMIS, and included breach of fiduciary duty, unjust enrichment, negligence and breach of contract. Investors in the Rye Funds and Tremont Funds (the “Funds”) filed several putative class action and derivative complaints against defendants, alleging violations of state and federal law.