Andrew Peat Finanz Consultants GmbH

Bermuda Commercial Bank and investment advisers are being sued in the United States on behalf of elderly trust fund beneficiaries who claim to have lost nearly $7 million in offshore investments, including Argyle Funds SPC and Axiom Legal Financing Fund, both of the Cayman Islands, and EEA Life Settlements Fund, of Guernsey.

Complaint in LVAR, L.P. v. Bermuda Commercial Bank Limited, BCB Paragon Trust Limited, formerly BCB Trust Company Limited; Neil de ste Croix, Andrew Peat Finanz Consultants GmbH, a.k.a. Andrew Peat Group Holdings; Andrew Peat, Stanley Chesed, and Profco International, a.k.a. Chesed Financial at the U. S. District Court for the Southern District of New York.

Taylor Moor Ltd., which received commissions of more than £1.8 million from distributing Axiom Legal Financing Fund before going into liquidation last month, did not ultimately benefit from the Fund and is a "victim", says the firm's Managing Director, Malcolm Dixon.