VUL Policyholder Sues Argus, Tremont Over Madoff

Law360, New York (January 22, 2009, 12:00 AM EST) -- Insurance company Argus International Life Bermuda Ltd. and a web of related companies have been hit with a proposed class action on behalf of holders of life insurance policies that included special investment accounts, which policyholders were allegedly misled into investing with Bernard L. Madoff.

The complaint was filed Tuesday in the U.S. District Court for the Southern District of New York on behalf of persons who purchased variable universal life, or VUL, insurance policies since Jan. 1, 2003, from Argus International Life or its predecessor...
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