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 the second-largest Madoff feeder fund, the Rye Select.
The settlement also includes three