On October 14, 2009, United States District Judge Thomas P. Griesa granted preliminary approval of the partial settlement in In re Tremont Securities Law, State Law and Insurance Litigation, Master Docket No. 08-Civ.-11117 (TPG), Insurance Action, 09-Civ-557, with defendants Argus Group Holdings Limited, Argus International Life Bermuda Limited, and Tremont International Insurance Limited in connection with losses suffered by holders of Variable Universal Life (“VUL”) and Deferred Variable Annuities (“DVA”) policies issued by Argus International and TIIL as a result of the exposure of the investment accounts of the policies to the Ponzi scheme perpetrated by Bernard L. Madoff. A fairness hearing will be held before Judge Griesa on December 11, 2009 at 11 a.m. in Courtroom 26B of the United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10017-1312, to determine whether the settlement should be approved by the Court.
The preliminary approval order and notice can be found here.
If you wish to discuss this action or have any questions, please contact Demet Basar of Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 1006, at (212) 545-4600, or via e-mail at Basar@whafh.com.