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Case Status:    DISMISSED    
On or around 10/05/2010 (Court's order of dismissal)

Filing Date: February 27, 2008

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.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: RUKN
Company Market: Other Foreign
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 08-CV-01958
JUDGE: Hon. John G. Koeltl
DATE FILED: 02/27/2008
CLASS PERIOD START: 05/08/2007
CLASS PERIOD END: 11/19/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-01958
JUDGE: Hon. John G. Koeltl
DATE FILED: 08/14/2009
CLASS PERIOD START: 03/01/2007
CLASS PERIOD END: 11/19/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
No Document Title Filing Date