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Swiss Reinsurance Company Summary: According to a press release dated February 27, 2008, the 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 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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