updated 5/5/2011 2:16:24 PM ET 2011-05-05T18:16:24

NEW YORK, May 5, 2011 (GLOBE NEWSWIRE) -- Attorney Christopher J. Gray of the Law Office of Christopher J. Gray, P.C. in New York City ( newcases@investorlawyers.net ) informs investors that if they wish to opt out of the settlement of a class action lawsuit (In re Tremont Securities Law, State Law, and Insurance Litig., U.S. District Court for the Southern District of New York Master Docket No. 08-CV-11117 (TPG), hereinafter referred to as the "class action") involving certain Rye and Tremont funds, they must do so by May 11, 2011. If final approval of the proposed settlement is granted by the U.S. District Court for the Southern District of New York, investors who do not exercise their right to opt out will become members of the certified class and may be eligible to receive a distribution from the $100 million settlement fund created in connection with the settlement. A summary of the terms of the settlement is accessible on the Firm's blog at www.investorlawyers.net .

Law Office of Christopher J. Gray, P.C. is not court-appointed lead counsel and does not represent the plaintiffs in the class action, and this news release has not been ordered or approved by the Court. This news release is being distributed by the firm as attorney advertising.

The class action alleges generally that Rye and Tremont funds were invested with

convicted Ponzi schemer Bernard L. Madoff without having conducted due diligence into Madoff's investment strategy. Certain customers of any brokerage/financial advisory firms who sold them Rye or Tremont funds may have the right to pursue individual claims in an investor arbitration proceeding before the Financial Industry Regulatory Authority ("FINRA") as an alternative to participating in the class action.

The Rye funds that are the subject of the class action settlement are as follows:

(i) Rye Select Broad Market Fund, L.P.; 
(ii) Rye Select Broad Market XL Fund, L.P.; 
(iii) Rye Select Broad Market Prime Fund, L.P.; 
(iv) Rye Select Broad Market Insurance Fund, L.P.; 
(v) Rye Select Broad Market Portfolio Limited; 
(vi) Rye Select Broad Market XL Portfolio Limited; and 
(vii) Broad Market XL Holdings Limited.
The Tremont Funds that are the subject of the class action settlement are as follows: 
(i) Tremont Market Neutral Fund L.P.;
(ii) Tremont Market Neutral Fund II, L.P.; 
(iii) Tremont Market Neutral Fund Limited; 
(iv) Tremont Opportunity Fund Limited; 
(iv) Tremont Opportunity Fund II L.P.; 
(v) Tremont Opportunity Fund III L.P.; 
(vi) Tremont Arbitrage Fund, L.P.; 
(vii) Tremont Arbitrage Fund-Ireland; and 
(viii) Tremont Strategic Insurance Fund, L.P.

Investors should be aware that if they file an individual or group opt-out action or arbitration proceeding they will waive any compensation they would have received in connection with the class action settlement and will run the risk of collecting nothing should their individual action or proceeding prove unsuccessful.

Investors seeking more information about their legal options in connection with Rye or Tremont funds or other possible claims may contact Law Office of Christopher J. Gray, P.C. at the e-mail address, address, fax number, or telephone number below. Investors with questions about participating in the class action settlement should contact the lead class counsel, not the Gray firm.

CONTACT: Law Office of Christopher J. Gray, P.C.
         460 Park Avenue, 21st Floor
         New York, New York 10022
         (212) 838-3221
         (212) 937-3139 (fax)

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