Monday, 30 March 2015
Last updated 2 days ago
Sep 3 2009 | 12:46pm ET
A pair of insurance companies, one affiliated with Ponzi scheme-scarred Tremont Group Holdings, have settled a policyholder lawsuit over losses in the Bernard Madoff scandal.
Argus Group Holdings and Tremont International Insurance, which both invested in Tremont Madoff feeder funds, have agreed to offer low-interest loans to policyholders whose policies may lapse; the 100 or so policies used their Madoff investment returns to pay premiums. The settlement, which still requires the approval of U.S. District Judge Thomas Griesa in Manhattan, includes no cash payments.
In return for the settlement, Argus and Tremont International will assign their legal claims in the Madoff case to a litigation trust.
“The settling parties intend to fully, finally and forever resolve, discharge, dismiss and settle the claims against the Argus defendants,” the settlement proposal said.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…