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Swiss Reinsurance Company Summary: 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. The motion to dismiss is currently pending before the Court.
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.
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.
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. | |||||||||||||||||
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| 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: 7/29/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Plumbers Union Local No. 12 Pension Fund, et al. v. Swiss Reinsurance Company, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Amended Complaint For Violation Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 9/10/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 9/10/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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