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Swiss Reinsurance Company (NASDAQ: RUKN) Investor Securities Class Action Lawsuit 02/27/2008

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Lawsuit Overview

Case Dismissed
Company
Swiss Reinsurance Company
Security
NASDAQ: RUKN

Case Name
Swiss Reinsurance Company Shareholder Class Action Lawsuit 02/17/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 4, 2010 - The court granted defendants' motion to dismiss and dismissed the case with prejudice.
September 8, 2009 - Defendants filed a motion to dismiss.

August 14, 2009 - The lead plaintiff filed a second amended complaint.

July 31, 2009 - The court denied defendants' motion to dismiss without prejudice and the lead plaintiff is granted to file another amended complaint.

November 10, 2008 - Defendants filed a motion to dismiss.

September 10, 2008 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Swiss Reinsurance Company (NASDAQ: RUKN) common shares between March 1, 2007 and November 19, 2007. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 1, 2007 and November 19, 2007.

July 29, 2008 - Lead plaintiff and lead counsel were appointed.

April 28, 2008 - Lead plaintiff motion was filed.

February 27, 2008 - An investor in shares of Swiss Reinsurance Company (NASDAQ: RUKN) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Swiss Reinsurance Company in connection with certain allegedly false and misleading statements made between May 8, 2007 and November 19, 2007.

The complaint charges Swiss Reinsurance Company and certain of its officers and directors with violations of the Securities Exchange Act of 1934.

The complaint alleges that between May 8, 2007 and November 19, 2007, defendants made false and misleading statements about Swiss Reinsurance Company’s financial condition. Specifically, defendants failed to disclose that Swiss Reinsurance Company’s Credit Solutions unit had written two credit default swaps that exposed Swiss Reinsurance Company to great financial risk. In a credit default swap, one party guarantees that a third party borrower will not default on a debt. In this case, Swiss Reinsurance Company guaranteed certain mortgage-backed securities which included some subprime and collateralized debt obligations. When the existence and nature of the credit default swaps was disclosed, Swiss Reinsurance Company’s stock price dropped from CHF97.55 to CHF87.55 (Swiss Francs) the next day.

Swiss Reinsurance Company is the world’s largest reinsurer with 70 offices in more than 25 countries.