Deals
Madoff Trustee Settles With Tremont Funds for $1 Billion
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The liquidator of Bernard Madoff’s firm, Irving Picard, reached a settlement with more than a dozen funds associated with hedge-fund firm Tremont Group Holdings Inc. by accepting a cash payment of more than $1 billion.
Among the parties settling were Oppenheimer Acquisition Corp., an affiliate of the Oppenheimer mutual funds that bought Tremont, and Oppenheimer’s parents, MassMutual Holding LLC and Massachusetts Mutual Life Insurance Co., the trustee said in a statement today. As part of the deal, the Tremont funds will be allowed to make claims on the Madoff estate of about $3 billion.