Participants in the Madoff investment scandal group of hedge funds owned by Massachusetts Mutual Life Insurance Co, as well as, its parent companies in December 2010, seeking more than $2 billion and alleging that company executives ignored "obvious warning signs" that Madoff was running a fraud. Picard alleged that Tremont failed to do any meaningful review of Madoff's operations or purported investment results, blindly allowing Rye to turn over half its $6 billion in client assets to Madoff and losing half that money when the scheme finally collapsed. The payment of $1 billion to the Madoff truste, provided by Massachusetts Mutual Life as a loan to
Crown Retail Deposit Guarantee Scheme lost money in failed financial institutions. It was implemented on 12 October 2008, administered by Treasury and the Reserve Bank and at its height resulted in Crown guarantees over $133 billion. Ninety-six institutions were covered by the scheme - 60 non-bank deposit takers, 12 banks and 24 collective investment schemes. All guarantees had ended by December 2011. Nine finance companies out of the thirty accepted into the scheme collapsed. This resulted in the Crown bailing out investors, paying $2 billion to more than 42,000 depositors. The three largest bailouts were of South Canterbury Finance Limited, Allied Nationwide Finance Limited, Equitable