Chateau Fiduciaire S.A. v. Argus International Life Bermuda Limited et al

PRELIMINARY APPROVAL ORDER IN CONNECTION WITH PARTIAL SETTLEMENT PROCEEDINGS granting (295) Motion to Approve in case 1:08-cv-11117-TPG. This Order incorporates by reference the definitions in the Stipulation, and all capitalized terms used herein shall have the same meaning as set forth in the Stipulation. The terms of the Settlement set forth in the Stipulation are hereby preliminarily approved as fair, reasonable, and adequate, subject to the further consideration at the Fairness Hearing referred to in paragraph 4 of this Order. Preliminary Class Certification For Partial Settlement Purposes: Based upon the submissions of the parties, the Court conditionally makes the following findings: (a) the members of the Settlement Class are so numerous as to make joinder impracticable; (b) there are questions of law and fact common to the Settlement Class, and such questions predominate over any questions affecting only individual Settlement Class Members; (c) the claims of the Lead Plaintiffs and the defenses thereto are typical of the claims of Settlement Class Members and the defenses thereto; (d) Lead Plaintiffs and their counsel have fairly and adequately protected the interests of the Settlement Class Members in this action; (e) a class action is superior to all other available methods for fairly and efficiently resolving this action; and (f) accordingly, for purposes of the Settlement only, the Court preliminarily approves Chateau Fiduciaire S.A., The Geoffrey Rabie Credit Shelter Trust, the Joanne Brenda Rabie Credit Shelter Trust, The Harriet Rutter Klein Revocable Trust, and The Matthew L. Klein Irrevocable Trust as representatives of the Settlement Class, represented by Plaintiffs' Interim Co-Lead Counsel, Wolf Haldenstein Adler Freeman & Herz LLP and Coughlin Stoia Geller Rudman & Robbins LLP, and hereby conditionally certifies a Settlement Class comprised of: All persons and entities that purchased and/or held variable universal life ("VUL") insurance policies or deferred variable annuities ("DVA") (collectively, "Policies") issued by Tremont International Insurance Limited ("TIIL") or Argus International and managed by Tremont Capital Management or Rye Investment Management or SHL Capital Ltd. from May 10, 1994 through December 11, 2008. The Individual Settling Parties are not included in the Settlement Class. This matter is preliminarily certified as a class action for partial settlement purposes only, pursuant to Federal Rule of Civil Procedure 23(a) and (b)(3). If the Settlement does not receive Final approval, the Argus Defendants retain their right to assert that the Insurance Action may not be certified as a class action. A Fairness Hearing shall be held on December 11, 2009 at 11 a.m., before the Honorable Thomas P. Griesa, United States District Judge, at the United States District Court, Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, NY 10007-1312....as further set forth in this Order. (Signed by Judge Thomas P. Griesa on 10/14/09) Filed In Associated Cases: 1:08-cv-11117-TPG, 1:09-cv-00557-TPG(tro)

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