- Argo Group has announced that it has been successful in a court battle in Colorado in a claim filed by The Cascade Fund.

The claim was filed in June 2008 by an investor in several of ACMH investment funds and initially named ACMH and certain of its former executives as defendants. On 2 March 2009 Argo announced that it had been named as an additional defendant.

Cascade claimed alleged successor liability against the company on the basis of the company's demerger from ACMH, and sought redress against Argo in the event that the claim against ACMH was successful.

Yesterday the United States District Court for the District of Colorado granted ACMH's motion to dismiss the claim against ACMH and certain other defendants. In May, 2010, Cascade filed a seconded amended complaint naming ACMH, certain former ACMH executives and Argo as defendants. Argo and ACMH subsequently filed separate motions to dismiss Cascade's claim.

The Court also granted Argo and ACMH's motions to dismiss Cascade's second amended complaint and dismissed Cascade's claim against the company and ACMH in its entirety. In dismissing the claim, the Court granted Cascade a 30 day period during which it is entitled to amend and re-file its claim to attempt for a third time to establish a valid claim against Argo.

Argo considers that Cascade's claim against it is wholly without merit and intends to vigorously defend its position should Cascade seek to file a third amended complaint.

At 10:25am: [LON:ARGO] share price was 0p at 12.5p

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