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SCOR Holding AG Case 10/4/2004

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Lawsuit Overview

Company
Security

Case Name
SCOR Holding AG Case 10/4/2004
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
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Summary

<p align= justify >According to a press release investors have filed on Monday, July 28th, 2008, a motion asking the U.S. District Court for the Southern District of New York to approve $84.6 million settlement in a class action against Swiss insurance company SCOR Holding AG, formerly Converium Holding (PINK:CVRMF), resolving their claims that the company’s predecessor hid financial woes from investors during an initial public offering. SCOR Holding AG has agreed to pay $75 million to resolve claims arising from Converium Holding AG’s IPO in December 2001. According to court documents, Converium’s former parent company, Zurich Financial Services, will pay $9.6 million to U.S. investors who purchased Converium stock on the New York Stock Exchange and the SWX Swiss Exchange and $18.4 million to resolve the foreign claims and the foreign settlement process will take place before the Amsterdam Court of Appeals in the Netherlands SCOR Holding AG will pay $32 million to resolve claims by foreign investors who purchased stock on the Swiss exchange.</p>