Second-largest Madoff feeder Tremont settles on $1bn

Mon Sep 5, 2011

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Irving H. Picard, the trustee for the liquidation of Bernard L. Madoff Investment Securities, has reached a settlement with entities related to Rye, New York-based Tremont Group Holdings.

More than $1 billion will be settled in escrow from more than a dozen domestic and foreign investment funds, their affiliates and a former chief executive associated with the Tremont Group. At its peak in June 2003, Tremont was the third-largest funds of funds in the world with assets of $9.1 billion. The firm was operator of...

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