Further re Litigation

RNS Number : 6911J

ARGO Group Limited

01 April 2010

 



1 April 2010

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").

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. The ruling did not consider the Company's motion to dismiss the Claim, which remains pending before the Court. Further announcements will be made as appropriate.

Enquiries

Kyriakos Rialas	Tel: [phone]
Jeremy Bradshaw	Tel: [phone]
Panmure Gordon	Tel: [phone]
Dominic Morley

 

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