Bernard Madoff Spinoffs

     A class action claims Argus International Life Bermuda was grossly negligent in handing over its investments to Bernard Madoff, who lost nearly all of it in his alleged Ponzi scam, in Manhattan Federal Court.

     Named plaintiff Chateau Fiduciare sued on behalf of everyone who bought or held variable universal life insurance policies that Argus offered from January 2003 until today. Here are the defendants: Argus International Life Bermuda Ltd., Argus Group Holdings Ltd., Massachusetts Mutual Life Insurance Co., Oppenheimer Acquisition Corp., Rye Investment Management, Rye Select Broad Market Fund, Rye Select Broad Market Insurance Portfolio LDC, Tremont Ltd., Tremont Capital Management Inc., Tremont Group Holdings Inc., Tremont International Insurance Ltd., Tremont Partners Inc. Filing counsel is Daniel Krasner with Wolf Haldenstein.

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