Argus Settles Its Corner Of Madoff Litigation

Law360, New York (September 1, 2009, 2:25 PM EDT) -- Insurance company Argus Group Holdings Ltd. and a putative class of plaintiffs seeking restitution for losses incurred by hedge fund Tremont Group Holdings Inc. have reached a settlement that will see the insurer provide loans to policyholders whose coverage was wiped out by rogue financier Bernard L. Madoff's Ponzi scheme.

Along with the establishment of loans for policyholders, the settlement calls for the establishment of a litigation trust, as well as the right for plaintiffs to consult with Argus on the liquidation of Tremont's Cayman Rye...
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