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LOM Agrees Tentative Settlement with SEC
Hamilton, Bermuda – 28 September, 2010 - In a filing to the Bermuda Stock Exchange (BSX), dated 27 September, 2010, LOM (Holdings) Limited (Ticker: LOM.BH), and certain of its subsidiaries (“LOM”), are very pleased that after almost eight years, the U.S. Securities and Exchange Commission (“SEC”) staff have agreed to settle the pending civil litigation on reasonable and appropriate terms. The terms will not materially impact LOM’s business, and we believe finally having resolution will be a relief for staff, customers and counterparties. The agreement is tentative at this point, but we expect it to be formally approved and entered into the court record within the next three weeks. We will be able to comment further on the settlement once it is final.
The SEC staff have indicated that they expect to have the formal approval of the SEC Commissioners by October 8th. Following that, the approved settlement will be forwarded to the judge. Our lawyers expect that the judge will sign off and finalize the agreement within approximately one week, at which time the pending litigation will be considered closed, resolved on consent without an adjudication and without admission or denial of liability. We can advise at this time, that as a result of the tentatively agreed settlement terms with the LOM subsidiary companies, upon final approval LOM (Holdings) Limited – the public, parent company – will be dismissed entirely from the proceedings.
About LOM (Holdings) Limited
LOM is a publicly-held, international financial services company, providing a complete range of investment services and products through its regulated subsidiaries in Bermuda, Bahamas and Grand Cayman. In business for nearly 15 years, LOM today has over $1 billion in client assets under administration and provides brokerage, asset management, and corporate finance services to its primarily high net-worth individual and institutional customers in over 75 countries around the world. LOM is publicly listed on the Bermuda Stock Exchange (symbol LOM BH). The consolidated group is debt-free and has shareholder’s equity of over $21 million.
Find out more about LOM at www.lom.com.