Pension Plan Sues Tremont Fund of Funds and Others Alleging Red Flags Missed in Alleged Madoff Scheme

On December 30, 2008, Group Defined Pension Plan & Trust, a Jersey City, New Jersey-based pension plan, sued Tremont Partners Inc. and a hedge fund of funds it manages, as well as affiliated entities, the fund’s auditor and others, alleging violations of federal securities laws and New York state law.  We provide details of the factual and legal allegations in the complaint, and end with a coda, inspired by a recent Seventh Circuit decision, on a circuit split regarding the right to remove securities class action cases from state to federal court.

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