$100M Deal Over Madoff Losses Survives Investor Challenge

Law360, New York (March 4, 2013, 6:30 PM EST) -- A federal judge on Friday rejected two plaintiffs’ objections to a $100 million class settlement with Massachusetts Mutual Life Insurance Co. and its subsidiary Tremont Group Holdings Inc. over losses on the insurers’ investments with Bernard L. Madoff.

Class members Madelyn Haines and Paul Zamrowski had argued that only a portion of their investments with Tremont were Madoff-related and that their other, non-Madoff-related investments were taken from their accounts be used to fund other settlements, but U.S. District Judge Thomas P. Griesa said Haines and Zamrowski...
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