Tremont Can't Nix Madoff Investor Fraud Suit

Law360, New York (September 17, 2012, 2:56 PM EDT) -- A New York federal judge declined Friday to toss a suit brought by seven investors accusing Tremont Group Holdings Inc. of negligently losing investor funds in Bernard L. Madoff's Ponzi scheme, ruling that evidence may indicate fund managers should have uncovered the fraud.

The suit is among numerous actions filed against Tremont and other financial services firms in 2009 alleging companies breached investment agreements and committed fraud by placing clients' assets with Madoff and failed to monitor activities on the funds, which were later discovered to...
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