Further re Litigation (1173E)
2011年4月1日 - 6:07PM
RNSを含む英国規制内ニュース (英語)
TIDMARGO
RNS Number : 1173E
ARGO Group Limited
01 April 2011
1 April 2011
Argo Group Limited
(the "Company")
Litigation
The Company wishes to announce certain developments in the
litigation claim filed by The Cascade Fund, LLLP in which the
Company is named as a defendant (the "Claim").
As previously announced, the Claim was filed in Colorado, USA in
June 2008 by an investor in several of ACMH Limited's ("ACMH")
investment funds and initially named ACMH and certain of its former
executives as defendants. On 2 March 2009 the Company announced
that it had been named as an additional defendant. The plaintiff
alleged successor liability against the Company on the basis of the
Company's demerger from ACMH, and sought redress against the
Company in the event that the Claim against ACMH is successful.
ACMH and the Company filed separate motions to dismiss the Claim in
October, 2008 and September 2009, respectively.
On 31 March 2010, the United States District Court for the
District of Colorado granted ACMH's motion to dismiss the Claim
against ACMH and certain other defendants. In May, 2010, Cascade
filed a seconded amended complaint naming ACMH, certain former ACMH
executives and the Company as defendants. The Company and ACMH
subsequently filed separate motions to dismiss Cascade's Claim.
On 31 March 2011, the Court granted the Company's and ACMH's
motions to dismiss Cascade's second amended complaint and dismissed
Cascade's Claim against the Company and ACMH in its entirety. In
dismissing the Claim, the Court granted Cascade a 30 day period
during which it is entitled to amend and re-file its Claim to
attempt for a third time to establish a valid claim against the
Company.
The Company considers that Cascade's claim against it is wholly
without merit. The Company intends to vigorously defend its
position should Cascade seek to file a third amended complaint.
Further announcements will be made as appropriate.
Enquiries
Kyriakos Rialas Tel: +357 22-668900
Jeremy Bradshaw Tel: +44 (0)20 7535 4000
Panmure Gordon Tel: +44 (0)20 7459 3600
Dominic Morley
This information is provided by RNS
The company news service from the London Stock Exchange
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