FUTURESELECT v. TREMONT GROUP HOLDINGS

No. 68130-3-I.

309 P.3d 555 (2013)

175 Wn. App. 840

FUTURESELECT PORTFOLIO MANAGEMENT, INC., FutureSelect Prime Advisor II LLC, The Merriwell Fund, LP, and Telesis IIW, LLC, Appellants, v. TREMONT GROUP HOLDINGS, INC., Tremont Partners, Inc., Oppenheimer Acquisition Corporation, Massachusetts Mutual Life Insurance Co., Goldstein Golub Kessler LLP, Ernst & Young LLP and KPMG LLP, Respondents.

Court of Appeals of Washington, Division 1.

August 12, 2013.


Attorney(s) appearing for the Case

Jeffrey M. Thomas , Jeffrey Iver Tilden , Gordon Tilden Thomas & Cordell LLP, Seattle, WA, Steven W. Thomas , Emily Alexander , Mark Forrester, Thomas, Alexander & Forrester LLP, Venice, CA, for Appellants.

Timothy J. Filer , Charles Philip Rullman III , Foster Pepper PLLC, David F. Taylor , Cori Gordon Moore , Perkins Coie , Christopher Holm Howard , Virginia Nicholson , Claire Louise Been , Schwabe Williamson & Wyatt PC, Stephen Michael Rummage , John Goldmark , Davis Wright Tremaine LLP, Seattle, WA, David A. Kotler , Dechert LLP, Princeton, NJ, Carol E. Head , Joseph L. Kociubes , Bingham McCutchen, LLP, Boston, MA, Robert B. Hubbell , Morrison Foerster, LLP, Los Angeles, CA, for Respondents.


VERELLEN, J.

¶ 1 Bernard Madoff's incredible "success" as an investor spurred some investment firms to contract with Madoff to manage their "feeder funds."1 An investment firm sold such funds to a group of local investors, who lost $195 million when Madoff's notorious Ponzi scheme collapsed.

¶ 2 The investors (FutureSelect) sued the investment firm (Tremont), its corporate parent (Oppenheimer) and grandparent (Mass Mutual...

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