Swiss Reinsurance Company - Securities Class Action

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Stanford Law School

Swiss Reinsurance Company Summary: The original complaint charges Swiss Re and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Swiss Re is the world’s largest reinsurer with 70 offices in more than 25 countries. Specifically, the complaint alleges that during the Class Period, defendants made false and misleading statements about the Company’s financial condition. Specifically, defendants failed to disclose that Swiss Re’s Credit Solutions unit had written two credit default swaps that exposed the 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 Re 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 Re’s stock price dropped from CHF97.55 to CHF87.55 (Swiss Francs) the next day.

On July 29, 2008, the Court granted the motion to appoint the Plumbers' Union Local No. 12 Pension Fund as lead plaintiff and appointed Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel. On September 10, 2008, the lead plaintiff filed an Amended Complaint. On November 10, 2008, the defendants filed a motion to dismiss the Amended Complaint. On July 31, 2009, Judge John G. Koeltl signed the Order denying the pending motion to dismiss without prejudice as moot. The plaintiff's application to file an Amended Complaint is granted.

On August 14, 2009, the lead plaintiff filed a Second Amended Complaint. On September 8, 2009, the defendants filed a motion to dismiss the Second Amended Complaint.

According to the Opinion and Order signed by Judge John G. Koeltl on October 4, 2010, the Court has considered all of the arguments raised by the parties. To the extent not specifically addressed, they are either moot or without merit. For the reasons explained above, the defendants' motion is granted and the complaint is dismissed with prejudice. The Clerk is directed to enter judgment dismissing this action and closing this case. The next day, judgment was entered and the case was closed.

INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Financial
Industry: Insurance (Prop. & Casualty)

COMPANY/ISSUER NAME:	Swiss Reinsurance Company
COMPANY/ISSUER TICKER:	RUKN
COMPANY WEBSITE:	http://www.swissre.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Plumbers Union Local No. 12 Pension Fund, et al. v. Swiss Reinsurance Company, et al.

COURT: S.D. New York	DOCKET NUMBER: 08-CV-01958
JUDGE NAME: Hon. John G. Koeltl
DATE FILED: 02/27/2008	SOURCE: Notice of Filing
CLASS PERIOD START: 05/08/2007	CLASS PERIOD END: 11/19/2007
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (Melville) 58 South Service Road, Suite 200, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, info@csgrr.com/ Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial
Type: Complaint		Date on the document: 02/27/2008
Order Appointing Lead Plaintiff And Approving Selection Of Lead Counsel
Type: Order Appointing LP/LC		Date on the document: 07/29/2008

REFERENCE COMPLAINT

Plumbers Union Local No. 12 Pension Fund, et al. v. Swiss Reinsurance Company, et al.

COURT: S.D. New York	DOCKET NUMBER: 08-CV-01958
JUDGE NAME: Hon. John G. Koeltl
DATE FILED: 08/14/2009	SOURCE: Docket
CLASS PERIOD START: 03/01/2007	CLASS PERIOD END: 11/19/2007
TYPE OF COMPLAINT: Second Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (Melville) 58 South Service Road, Suite 200, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, info@csgrr.com/ _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Amended Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 09/10/2008
Order
Type: Order		Date on the document: 07/31/2009
Second Amended Complaint for Violation of the Federal Securities Laws
Type: Complaint		Date on the document: 08/14/2009
Opinion And Order
Type: Order		Date on the document: 10/04/2010
Judgment
Type: Other		Date on the document: 10/05/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 10/05/2010

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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