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Madoff Spinoffs - Another Investment Class Action
Class Action |
2009/01/02 09:22
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A class action in Manhattan Federal Court claims Tremont Market Neutral Fund was grossly negligent in handing over 27% of its money to Bernard Madoff for his alleged $50 billion Ponzi scheme.
Here are the defendants in the Tremont Funds case: Tremont Market Neutral Fund LP, Tremont Partners Inc., Tremont Group Holdings Inc., Oppenheimer Acquisition Corp., Oppenheimer Funds Inc., Massachusetts Mutual Life Insurance Co., and Ernst & Young LLP.
A class action in Manhattan Federal Court claims these defendants handed over investments in the Rye Select Broad Market Fund to Bernard Madoff for his alleged Ponzi scheme: Rye Select Broad Market Fund LP, Tremont Partners Inc., Tremont Group Holdings Inc., Rye Investment Management, Jim Mitchell, and Robert Schulman.
Three members of the Sciremammano family sued Bernard Madoff, saying he took more than $2 million from them, in Manhattan Federal Court. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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