Insurance Cos. Sue Tremont Over Madoff Losses

Law360, New York (December 8, 2011, 4:42 PM EST) -- Three insurers sued Tremont Partners Inc. in Delaware for breach of contract Wednesday, alleging they suffered losses on life insurance investments as a result of the adviser's "egregious and willful disregard" of, and investment of their funds in, Bernard Madoff's Ponzi scheme.

Metropolitan Life Insurance Co., General American Life Insurance Co. and New England Life Insurance Co. say Tremont, Tremont Group Holdings Inc., and its affiliates and certain executives facilitated Madoff's $65 billion scheme and consequently breached their contractual obligations to the plaintiffs in advising the...
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