Himelsein Mandel Offshore Limited

Date filed:

Class period:

Court: New York State Supreme Court, New York County

NASDAQ:

ABRAHAM, FRUCHTER & TWERSKY, LLP FILES A DERIVATIVE LAWSUIT ON BEHALF OF HIMELSEIN MANDEL OFFSHORE LIMITED

New York – August 1, 2011 – Abraham, Fruchter & Twersky, LLP today announced that a shareholder derivative lawsuit has been commenced in the New York State Supreme Court, New York County on behalf of Himelsein Mandel Offshore Limited (“HM Offshore” or the “Fund”), an open-ended mutual fund which invests in life settlements, i.e., insurance policies taken out on the lives of other persons.

The complaint charges certain of HM Offshore’s affiliates, including HM Ruby Fund, L.P., and the Fund’s investment managers with breaching or aiding and abetting a breach of fiduciary duties. Specifically, the complaint alleges that defendants failed to ensure that the Fund was not overpaying for or acquiring too many policies in relation to the ability to pay the premiums on the life insurance policies in which the Fund invested.

Investors have been advised that as of December 30, 2010 the Fund decided to suspend the determination of net asset value and that the Fund is essentially insolvent.  The Fund has also informed investor that liquidating its assets in order to meet redemption requests is not reasonably practicable. 

Contact Us

If you have questions about your shareholder rights, or if you have information regarding this case that you would like to make available, please contact an AF&T attorney.  If you would like information on how to participate in this action, please fill out the form below.