Lancer Funds Securities Class Action Settlement (Citco Settlement)

Settled: October 07, 2011

In this securities litigation alleging materially false and misleading financial statements made by the various defendants, we secured class action settlements totalling more than $20 million.

On October 7, 2011, the Honorable Kenneth A. Marra, of the United States District Court for the Southern District of Florida, granted final approval to a settlement in the amount of $5,000,000 in cash in the class action Bruhl v. PricewaterhouseCoopers Int'l et al., Case No. 03-23044CIV-MARRA (S.D. Fla.) (the "class action"). The settlement also settles the claims in the following actions: (i) Court Appointed Receiver of Lancer Offshore, Inc. and The Omnifund, Ltd. v.The Citco Group Limited, et al., 05-60080-CIV-MARRA, (S.D.Fla.); (ii) Court Appointed Receiver of Lancer Offshore, Inc. and The Omnifund, Ltd. v.The Citco Group Limited, et al., 05-60055-CIV-MARRA, (S.D.Fla.); and (iii) Steinberg v. Banque de Patrimoines Prives Geneve, et al., Claim No. BVIHCV 2009/253, pending in the Eastern Caribbean Supreme Court of the British Virgin Islands (collectively, the "Receiver Actions").

The settlement resolves all the remaining claims in the class action and those claims that were or could have been asserted against the Citco defendants in the Receiver Actions.

Labaton Sucharow served as Court-appointed co-lead counsel for class representatives Keith Rotman and Peter A. Broadhurst, Esq., Executor of the Estate of John Bruhl and the class.

The class action alleged, among other things, that during the class period, the Citco defendants issued materially false and misleading Net Asset Value Statements ("NAV Statements"), and other statements regarding the Offshore Funds' financial condition, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, Rule 10b-5 promulgated thereunder, and various state laws.

If you purchased and/or held shares of Lancer Offshore, Inc. or the OmniFund Ltd. successor fund to the Orbiter Fund, Ltd. and the Viator Fund, Ltd. (collectively the "Offshore Funds") during the period of September 3, 1998 through and including July 8, 2003, and were allegedly damaged thereby, you may be eligible to recover if you submitted a Proof of Claim form with supporting documents by October 21, 2011.

The deadline for objecting to the settlement or for seeking exclusion from the class has passed. A settlement hearing was held on Friday, October 7, 2011, at 1:00 p.m. before Judge Kenneth A. Marra in the United States District Court for the Southern District of Florida, 701 Clematis Street, West Palm Beach, FL 33401.

A copy of the Preliminary Approval Order, the Notice of Proposed Settlement of Class Action and Settlement Hearing ("Notice") and Class Proof of Claim can be accessed by clicking on the links to the right.