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Tremont Holdings Inc TMAV Securities Stock Fraud

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Company: Tremont Holdings Inc
Ticker Symbol: TMAV
Class Period: Jan-1-03 to Dec-23-08
Date Filed: Dec-22-08
Lead Plaintiff Deadline: Feb-20-09
Court: Southern District of New York
Allegations:
A class action lawsuit has been filed in the United States District Court, Southern District of New York, against defendants Tremont Group Holdings Inc. ("Tremont"), Oppenheimer Acquisition Corporation ("Oppenheimer"), Massachusetts Mutual Life Insurance Co. ("Mass Mutual"), and Ernst & Young LLP ("Ernst & Young"), on behalf of all persons, other than defendants, who invested in the American Masters Broad Market Prime Fund (the "Fund") from January 1, 2003 until the present (the "Class Period"), and derivatively on behalf of Nominal Defendant American Masters Broad Market Prime Fund, L.P., to recover damages caused by defendants' violations of the federal securities laws and common law and breaches of their fiduciary duties.

The Complaint asserts that during the Class Period, unbeknownst to investors, defendant Tremont, general partner of the Fund, concentrated over half of its investment capital with entities that participated in the massive, fraudulent scheme perpetrated by Bernard Madoff ("Madoff"). Investors who entrusted their savings to Tremont have suffered millions in damages and are faced with financial ruin.

This Complaint alleges that Defendants failed to perform the necessary due diligence that they were being compensated to perform as investment managers and fiduciaries. Defendants either knew or should have known that the Fund's assets were employed as part of a massive Ponzi scheme and took no steps in a good faith effort to prevent or remedy that situation, proximately causing billions of dollars of losses and possible complete collapse of the Fund.

Additionally, Defendants issued an Offering Memorandum that was false and misleading because it omitted to state that Tremont had, with no or inadequate due diligence or oversight, abdicated its responsibility and entrusted Fund assets to Madoff- run investment vehicles. Oppenheimer and Mass Mutual are named defendants as controlling persons of the Fund, and Ernst and Young is a named defendant as the Fund's auditor.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Tremont Holdings Inc TMAV Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Tremont Holdings Inc securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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