Second Circuit to Hear Madoff Investor’s Request to Reconsider $655M Settlement
March 10, 2017, New York — Last month, a group of Tremont investors who lost money through Bernard Madoff’s Ponzi scheme urged the Second Circuit that a $655 million class-action settlement against the hedge funds they invested with should be reallocated because it unfairly favored certain investors over others. These investors had invested in various funds managed by Tremont Groups Holdings, Inc., which in turn pumped money into the Madoff scheme. Since the Tremont investors allegedly received an inferior recovery from the settlement plan, they appealed, alleging that the settlement plan was flawed. However, the opposing counsel asserted that the plan treated all funds
participating in the Madoff trustee settlement on equal footing. The counsel further added that the settlement was agreed upon mediation and was approved by the federal court.
The case is In Re: Tremont Securities Law, the U.S. Court of Appeals for the Second Circuit.
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