03/12/2009 04:26:30 PM EST
Mealey’s Emerging Securities Litigation Report: Tremont Group Moves To Consolidate Madoff Cases
From March Mealey’s Emerging Securities Litigation
NEW YORK — The Tremont Group Holdings Inc. on Jan. 22 moved to consolidate in the U.S. District Court for the Southern District of New York under Judge Sidney Stein all of the actions arising out of the alleged Bernard Madoff Ponzi scheme (Yvette Finkelstein, et al. v. Tremont Group Holdings, No. 08 Civ. 11141, S.D. N.Y.; See January 2009, Page 20).
The Tremont Group filed its motion to consolidate in reference to these cases: Lange, et al. v. Mass. Mutual Life Ins. Co., et al. (08 CV 11117, S.D. N.Y.); Finkelstein v. Tremont Group Holdings, Inc. (08 CV 11141, S.D. N.Y.); Peshkin v. Tremont Group Holdings, et al. (08 CV 11183, S.D.N.Y.).; Arthur M. Brainson IRA R/O v. Rye Select Broad Market Fund, L.P., et al. (No. 08 CV 11212, S.D.N.Y.); and Group Defined Pension Plan & Trust v. Tremont Market Neutral Fund, L.P., et al. (No. 08 CV 11359, S.D.N.Y.). The plaintiffs in these complaints are all investors in hedge funds with assets that they entrusted to Madoff for investment.
‘Also Victims’
“With the revelation of Madoff’s fraudulent scheme on Dec. 11, 2008, it now appears that those assets are gone. Although defendants were also victims of Madoff’s fraud, plaintiffs have commenced the Actions to attempt to hold defendants responsible for Madoff’s well-hidden conduct,” the Tremont Group says.
“Defendants believe that these claims are meritless, but are nevertheless all related and should be coordinated before one judge in the interest of efficiency and judicial economy,” the company says.
The Tremont Group is represented by Michael Gruenglas of Skadden, Arps, Slate, Meagher & Flom in New York.
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