David Marchant, editor of Offshore Alert, reports that the suit filed on September 27 by Computer Clearing Services Inc. (CCS) names the Bermuda-based investment firm along with CIBC Mellon Global Securities Services of Toronto, Canada; EquiTrade Securities Corporation, a broker-dealer of Lake Forest, California; Kim S. Carroll of Orange County California; Kathleen Sylvia Roebuck and Stephen Roebuck, all of EquiTrade.

The civil case is the latest in a line of legal concerns involving LOM. The US Securities and Exchange Commission, the British Columbia Securities Commission and the Bermuda Monetary Authority are all investigating LOM in respect to alleged securities violations.

Mr. Marchant reports that in this latest case the Glendale, California-base CCS is seeking damages of $3 million, alleging fraud, breach of contract and securities law violations. Its complaint stems from October 2002 when CCS began providing clearing services to EquiTrade and EquiTrade’s customers, including CIBC and LOM, for whom CCS opened an account titled “CIBC MELLON GLOBAL SEC SVCS F/A/O Lines Overseas MNGMT”.