A class action lawsuit has been filed in the SDNY against against Madoff feeder-fund Tremont Group Holdings, several affiliated entities (including OppenheimerFunds and Massachusetts Mutual Life Insurance Co.), and KPMG, Tremont's auditor. The lawsuit, filed by law firm Hagens Berman Sobol Shapiro on behalf of individuals and groups that invested with Tremont, alleges that the defendants grossly neglected their fiduciary duties by turning capital over to Bernard Madoff Investment Securities.
The complaint alleges that Tremont and other affiliated entities failed to perform proper due diligence before handing over huge sums of money to Madoff, with a resulting loss of as much as $3.3 billion in assets. It further alleges that Tremont's auditor, KPMG, failed to use due care when auditing Tremont's financial reports for the Rye Funds.
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