Tremont Group Holdings, the second-biggest of the so-called feeder funds that helped to fuel Bernard Madoff’s Ponzi scheme, has defeated claims that it fraudulently induced investors. The ruling is a loss for attorneys at Cotchett, Pitre & McCarthy, who based their complaint on an exclusive jailhouse meeting with Madoff in 2009.
In a decision issued on Tuesday, New York Supreme Court Justice Richard Lowe III dismissed various claims brought against Tremont by one of its investors, Jay Wexler, who lost more than $400,000 in Madoff’s fraud. Lowe also dismissed parallel claims against Tremont’s parent company, Oppenheimer Acquisition Corp., and Oppenheimer’s parent, Mass Mutual Life Insurance Co.
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