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

Filing 109

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

Doc. 109

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------x -N RE TREMONT SECURITIES LAW, I : Master File No.: STATE LAW and INSURANCE : 08 Civ. 11117 (TPG) LITIGATION : : ---------------------------------: This Document Relates To: : ECF CASE INSURANCE ACTION, 09-Civ-557 : Electronically Filed : ---------------------------------x THE TREMONT DEFENDANTS' RESPONSE TO PLAINTIFFS' MOTION FOR CERTIFICATION OF THE SETTLEMENT CLASS, AND FINAL APPROVAL OF THE PARTIAL SETTLEMENT Defendants Tremont (Bermuda) Limited, Tremont Partners, Inc., Tremont Group Holdings, Inc., Rye Invest ment Management, Tremo nt Capital Management and Robert Schulman (collect ively, the "Tremont Defendants") respectfully submit this response to Plaint iffs' Motion for Certificat ion of the Settlement Class, and Final Approval o f the Partial Settlement (the "Motion"). The Tremont Defendants do not concede that the standards for class certificat ion have been or could be sat isfied in this case. Nevertheless, as non-settling defendants, they do not oppose the Motion. The settling defendants stand in a different relationship with the proposed class than the non-settling defendants. Accordingly, cert ification o f the proposed class for purposes of settling the claims against the settling defendants does not bear on the question o f whether a class should be certified as to the claims to be lit igated against the non-settling defendants. The Tremont Defendants reserve their right to oppose any mot ion for class cert ification made with respect to any claims that remain

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in this act ion after approval of the proposed partial settlement. Dated: New York, New York December 21, 2009 Respect fully submitted, /s/ Seth Schwartz Seth M. Schwartz ([e-mail]) Susan L. Saltzstein ([e-mail]) Jason C. Vigna ([e-mail] m) SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP Four Times Square New York, New York 10036 [phone] Attorneys for Defendants Tremont (Bermuda) Limited, Tremont Partners, Inc., Tremont Group Holdings, Inc., Rye Invest ment Management, Tremont Capital Management and Robert Schulman

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