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FUTURESELECT v. TREMONT GROUP HOLDINGS

No. 89303-9.

331 P.3d 29 (2014)

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

Supreme Court of Washington, En Banc.

July 17, 2014.

Attorney(s) appearing for the Case

Timothy J. Filer , Foster Pepper PLLC, David F. Taylor , Cori Gordon Moore , Perkins Coie LLP, Christopher Holm Howard , Averil Budge Rothrock , Claire Louise Rootjes , Schwabe Williamson & Wyatt PC, Stephen Michael Rummage , Roger Ashley Leishman , Davis Wright Tremaine LLP, Seattle, WA, Seth M. Schwartz , Jason C. Vigna , Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY, David A. Kotler , Dechert LLP, Princeton, NJ, Robert B. Hubbell , Morrison Foerster, LLP, Los Angeles, CA, for Petitioner.

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

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 Corp. and MassMutual (Tremont's parent companies), and Ernst & Young and Tremont's other auditors for their failure...

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