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The International Dad Trust, et al v. Tremont Opportunity Fund Iii

September 12, 2012

THE INTERNATIONAL DAD TRUST, ET AL., PLAINTIFF,
v.
TREMONT OPPORTUNITY FUND III, L.P.,
DEFENDANTS



This case arises out of the massive Ponzi scheme perpetrated by Bernard Madoff and Bernard L. Madoff Investment Securities. Plaintiff International D.A.D. Trust ("International DAD") is a trust that purchased a life insurance policy. That policy allowed International Dad to designate some of its premiums for tax free investments. International DAD selected two hedge funds operated by Tremont Partners. Portions of the assets of those hedge funds were subsequently invested with Madoff and lost when the Ponzi scheme was revealed. Plaintiff asserts state law claims against defendants under the laws of New York and Texas. Defendants move to dismiss for failure to state a claim and lack of standing.

In its opposition papers, International DAD concedes that it lacks standing to pursue this action, which should have been brought by its trustee.

20120912

© 1992-2012 VersusLaw ...

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