New York Life, Insurers Fault Madoff Trustee's $1 Billion Tremont Accord
By Linda Sandler – Sep 7, 2011 8:30 AM ET
New York Life Insurance Co. and six other insurance companies assailed the trustee liquidating Bernard Madoff’s firm and his $1 billion settlement with hedge- fund firm Tremont Group Holdings Inc., saying it didn’t treat all the Tremont funds equally.
As limited partners of Tremont’s Opportunity III fund, they said they stand to lose if a court rules that the trustee erred in denying compensation to the Ponzi scheme’s so-called net winners, according to a court filing yesterday.
A group of Madoff’s investors last week asked a U.S. appeals court to review its Aug. 16 ruling that bars them from calculating losses based on their account statements.
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