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Tobias Estate Case Settlement Calls for Joint Statement

Sunday, 15 Jun 2008 | 12:39 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 Familyof Funds and a frequent CNBC guest, was found dead in his swimming pool in the early morning hours of Sept. 4.

While authorities 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.

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

An attorney for the Tobias brothers, James Pressly, confirmed the tentative settlement will be presented to Palm Beach County Judge Richard Oftedal for approval at 8:30 am New York time on Monday.

The exact terms of the settlement are not being disclosed, but CNBC has learned the agreement calls for a joint statement by both sides, putting the bitter case to rest once and for all.

While Filomena's camp characterizes the statement as a retraction by the Tobias brothers of the allegations against Filomena, Pressly disagreed.

"There is no retraction," Pressly said.

However, by settling the case, the brothers are effectively dropping their claim that Filomena Tobias murdered her husband.

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.

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