A federal judge has dropped Swiss company Zurich Financial Services from a suit alleging securities fraud related to the IPO of former Zurich subsidiary Converium Reinsurance. The plaintiffs, Converium investors, claim the reinsurer intentionally manipulated its finances to disguise severe underfunding. New York Southern District Judge Denise Cote found that the claims against Zurich failed to allege material misrepresentations or omissions with scienter, but is allowing claims against Converium to proceed.
January 04, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A Swiss company that was sued after its former North American business unit experienced a “dramatic drop” after being taken public has convinced a federal judge to drop class action claims against it and its management.
In In re Converium Holding AG Securities Litigation, 04 Civ. 7897, Southern District of New York Judge Denise Cote dismissed securities fraud charges against Zurich Financial Services, the former parent company of Converium Reinsurance Co.
Presented by BigVoodoo
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
The premier educational and networking event for employee benefits brokers and agents.
The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.
A large and well-established Tampa company is seeking a contracts administrator to support the company's in-house attorney and manage a wide...
We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Candidates should ...
We are seeking an attorney to join our corporate and transactional practice. Candidates should have a minimum of 8 years of general corporat...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
