FutureSelect Portfolio Management, Inc. v. Tremont Group Holdings, Inc.

González, J.

¶ 1 Between 1997 and 2008, FutureSelect, a Redmond based financial company, invested nearly $200 million in Tremont’s Rye Funds, which pooled and fed money into Bernie Madoff’s fraudulent securities investment scheme. These investments were lost when Madoff’s fraud unraveled. FutureSelect sued Tremont, Oppenheimer Acquisition Corporation and Massachusetts Mutual Life Insurance Company (Mass Mutual) (Tremont’s parent companies), and Ernst & Young and Tremont’s other auditors for their failure to conduct due diligence on Madoff’s operations. FutureSelect alleged violations of the…