SEATTLE – Hagens Berman Sobol Shapiro LLP is investigating the actions of MassMutual's Tremont Group Holdings, Inc., Rye Investment Management and the parent company Oppenheimer Funds, on behalf of investors who lost millions in the recent Madoff downfall. The firm is investigating potential breach of fiduciary duties and other legal obligations to clients who invested in Tremont Funds, specifically the Rye Select Fund ("The Rye Fund") and Tremont Capital. The Rye Fund allegedly hired Madoff as its exclusive investment manager. The fund's auditor was KMPG LLP.

The investigation comes on the heels of the first feeder fund lawsuit filed by Hagens Berman against Madoff, the Brighton Company and Stanley Chais.

"We have been informed by investors that Tremont was aggressively soliciting new investments in the Rye Select Funds during the last few weeks, suggesting investors had 'better move and move quick' if they wanted a 'chance' to invest in the fund," said Reed Kathrein, Hagens Berman partner.

"Investors were told that 'now is a great time' to invest," continued Kathrein. "Such aggressive and urgent solicitation, just before the collapse, is highly suspicious. We are trying to get a hold of as many documents and witnesses as possible who are aware of Tremont and the Rye Select Funds' activities in selling the Madoff investments."

If you have any documents or know anything about the role of feeder funds, groups like Tremont or have invested in Madoff through such feeders, please contact Hagens Berman counsel. You can e-mail Steve Berman or Reed Kathrein at [email protected] or visit www.hbsslaw.com/cases/tremont.

Hagens Berman is investigating additional funds that fed into Madoff's scheme as there may be failure to perform due diligence and a breach of undisclosed conflicts of interest. The firm is also investigating the failure of Tremont's auditors, KPMG LLP, for neglecting to catch the massive fraud that covered nearly 50 percent of Tremont's investment capital and apparently all of Rye's investment capital.

Recent reports indicate Rye Investment Management had $3.1 billion and almost all of the money the group managed allocated those funds to Madoff. Tremont Group Holdings, Inc. is a subsidiary of Oppenheimer Acquisition Corporation, which is a subsidiary of Massachusetts Mutual Life Insurance Company. Rye Investment Management is an affiliate of Tremont Group Holdings.

If you invested through Tremont or other groups and suffered losses because of the Madoff scheme, please contact plaintiff's counsel, Steve Berman, of Hagens Berman at (206) 623-7292 or Reed Kathrein at (510) 725-3000 or via e-mail [email protected].

Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San Francisco, Los Angeles, Boston, Chicago, Phoenix and New York, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Hagens Berman website has more information about the firm.

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Contact:
Reed Kathrein, (510) 725-3000