Insurer, Tremont Settle Madoff Action For $100M

By Bibeka Shrestha (February 25, 2011, 11:12 PM EST) -- Massachusetts Mutual Life Insurance Co. and its subsidiary Tremont Group Holdings Inc. agreed Friday to settle a class action brought over losses on the insurers' investments with fraudster Bernard L. Madoff for $100 million.

Class members — those who held partnership interest in Tremont funds — filed a motion to approve the partial class action settlement in the U.S. District Court for the Southern District of New York.

According to the motion, additional money will be added to the settlement fund from Tremont once the company and its units wind down operations. Tremont was acquired by Oppenheimer Acquisition Corp. — a...

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