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Settlement Reached in Tobias Estate Case

Friday, 13 Jun 2008 | 9:02 PM ET

A settlement has been reached in the estate case of hedge fund manager Seth Tobias, pending the approval of a Florida probate judge on Monday, CNBC has learned.

Tobias, the 44-year-old founder of the Circle T Family of Funds and a frequent CNBC guest, was found dead in his swimming pool in the early morning hours of Sept. 4.

While police ruled there was no evidence of a crime, Tobias' brothers charged his wife Filomena murdered him, and should be barred from collecting his estate under Florida's so-called "slayer statute."

The estate case was scheduled to go to trial on Monday, but Filomena's attorney, Jay Jacknin, said the two sides reached a settlement late Friday.

While the exact terms of the settlement are not being disclosed, the agreement calls for a retraction by the Tobias brothers of the allegations against Filomena.

"I am pleased the case has been resolved amicably, and that both sides can move on with their lives," Jacknin told CNBC.

The case sparked a worldwide media frenzy after a man claiming to be the Tobiases' personal assistant said he had evidence Filomena murdered her husband by poisoning his pasta, then luring him into the swimming pool with the promise of sex with a male stripper. But police eventually discounted the story of Billy Ash, who was, in fact, Filomena's Internet psychic and has a long criminal history.

Both sides will appear Monday before Palm Beach County Probate Judge Richard Oftedal, who must approve the settlement before it is final.

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