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In April 2010, Judge , of the dismissed a lawsuit by Tremont Group investors against Tremont's , , which charged that KPMG had failed to discover the fraud in its audits of Tremont and was therefore liable to the investor. Judge Griesa held that KPMG could not be sued, because it lacked actual intent to deceive, manipulate, or defraud the investors. He wrote: "Merely alleging that the auditor had access to the information by which it could have discovered the fraud is not sufficient."
In December 2010, , the court-appointed trustee in the Madoff bankruptcy, sued Tremont over $3 billion in customer money that Tremont lost by investing with Madoff. The lawsuit alleged that Tremont failed to perform independent, reasonable, and meaningful due diligence of Madoff. In July 2011, Tremont Group agreed to settle the lawsuit by paying a $1 billion cash settlement.
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