The Bermuda-based Argus insurance group is being sued in the United States by an elderly client who claims to have lost his $9 million retirement money when it was invested in Bernard Madoff's Ponzi scheme less than three months before it collapsed.
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Michael Morrison, Charles Thresh, and John McKenna, as the Foreign Representatives of Gerova Financial Group Ltd. and Gerova Holdings Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.
KPMG (Cayman Islands) is among the defendants in a new Bernard Madoff related lawsuit.The Tremont Insurance Plaintiffs' Litigation Trust filed a complaint against KPMG LLP, KPMG (Cayman Islands), KPMG International Cooperative, Bank of New York Mellon and SHL Capital Ltd.
Argus Group Holdings Limited and Argus International Life Bermuda Limited announced on May 27, 2009 that they "have reached an agreement in principle to settle a class action pending in the United States relating to investment losses caused by Bernard
A class action complaint has been brought in New York against the Bermuda based Argus insurance group on behalf of holders of offshore life insurance policies whose premiums were invested with alleged fraudster Bernard Madoff and may now be lost.Details
Industry watchers have been taken aback by the aggressive strategy adopted by Superior National Insurance Group Inc. in its $175 million contract dispute with Inter-Ocean Re and Inter-Ocean's principal shareholder, American Re-Insurance Company.Not content to wait for the outcome of arbitration proceedings that are due to be held soon in New York, Superior National filed a lawsuit against both parties in Los Angeles County Superior Court on September 7 in which they seek $200 million.
An arbitration between Bermuda-based Inter-Ocean Reinsurance Company and Superior National Insurance Company over a $175 million contract could take place before the end of the year. The dispute relates to coverage Inter-Ocean provided to US-based Business Insurance Group - now a subsidiary of Superior National - and 100 per cent reinsured by American Re.
One of the most ambitious property developments in Bermuda's history that eventually turned into a four-year embarrassment for its sponsors has ended in typically ignominious fashion. Bermuda Financial Centre Limited was struck off from the Bermuda companies register on December 19 by the authorities and, three days later, the listing of its preference shares was cancelled by the Bermuda Stock Exchange.
BF&M's policyholders appear to have decided to stick it out with their company in the wake of a multi-million dollar lawsuit against the firm.BF&M's main local rivals, Colonial Insurance and Argus Insurance, said they have seen little or no new business as a result of BF&M's legal problems.Last week, the liquidators of Bermuda Fire & Marine brought a lawsuit in an attempt to gain control of BF&M's assets to pay overseas creditors, who are estimated to be owed.in excess of $100 million.
The Bermuda Financial Centre Ltd development in Hamilton will go ahead as planned if the company can pre-lease 70 per cent of the project's office space, BFCL's president Mike Winfield us yesterday. Raising enough debt and equity to build the $82.5 million office space/luxury residences phase of the project no longer appears to be a problem, providing the lease commitments for the office space can be put into place.
Bermuda International Investment Management Ltd - a subsidiary of the Bank of Bermuda - has resigned as financial advisor to the Bermuda Financial Centre Ltd after failing to raise $82.5 million to get the hotel, office and luxury residences project off the ground.