On April 5, 2002, the Court entered the Stipulation and Order for Dismissal with prejudice as to the plaintiff’s individual claims. According to the Order by U.S. District Judge Audrey B. Collins, this action is dismissed with prejudice as to plaintiff John Huston's individual claims, with all parties to bear their own costs & attorney’s fees. Further, as no class has been certified, this action is dismissed without prejudice as to the claims of class members other than plaintiff John Huston.
According to a Press Release dated June 7, 2000, a class action was filed alleging violations of the Securities Act of 1933. In denying Defendants' Motion to Dismiss and permitting Plaintiff to Proceed against ICCMIC and certain of its directors, the Court said, 'The Prospectus is a part of the Registration Statement and the Prospectus fails to describe that ICCMIC must pay for the Manager's operating expenses'. ICCMIC filed a Registration Statement and Prospectus with the Securities and Exchange Commission on or about August 1, 1997. The complaint alleges that Prospectus contained false statements, including a variety of false Statements related to the compensation paid to a management entity hired to operate the investment fund and undisclosed conflicts of interest.