| Company: | ACE Limited |
| Ticker Symbol: | NYSE: ACE |
| Class Period: | October 28, 2003 to October 13, 2004 |
| Date Filed: | Oct-19-04 |
| Lead Plaintiff Deadline: | Dec-15-04 |
| Court: | Eastern District, PA |
| Allegations: |
A class action has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of ACE Limited ("ACE") (NYSE:ACE) publicly traded securities during the period between October 28, 2003 and October 13, 2004 (the "Class Period").
The complaint charges ACE and certain of its officers and directors with violations of the Securities Exchange Act of 1934. ACE is a holding company that, through its subsidiaries, provides a range of insurance and reinsurance products to insureds worldwide through operations in the United States and almost 50 other countries.
The complaint alleges that ACE and its top officers violated the federal securities laws by disseminating false and misleading statements concerning the Company's results and operations during the Class Period. The true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) that the Company was paying illegal and concealed "contingent commissions" pursuant to illegal "contingent commission agreements;" (b) that by concealing these "contingent commissions" and such "contingent commission agreements," the defendants violated applicable principles of fiduciary law, subjecting the Company to enormous fines and penalties totaling potentially tens -- if not hundreds -- of millions of dollars; and (c) that as a result, the Company's prior reported revenue and income was grossly overstated.
On October 14, 2004, Eliot Spitzer announced he had charged several of the nation's largest insurance companies and the largest broker with bid rigging and pay-offs that he claimed violated fraud and competition laws. On this news, the Company's shares plummeted 9%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges ACE and certain of its officers and directors with violations of the Securities Exchange Act of 1934. ACE is a holding company that, through its subsidiaries, provides a range of insurance and reinsurance products to insureds worldwide through operations in the United States and almost 50 other countries.
The complaint alleges that ACE and its top officers violated the federal securities laws by disseminating false and misleading statements concerning the Company's results and operations during the Class Period. The true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) that the Company was paying illegal and concealed "contingent commissions" pursuant to illegal "contingent commission agreements;" (b) that by concealing these "contingent commissions" and such "contingent commission agreements," the defendants violated applicable principles of fiduciary law, subjecting the Company to enormous fines and penalties totaling potentially tens -- if not hundreds -- of millions of dollars; and (c) that as a result, the Company's prior reported revenue and income was grossly overstated.
On October 14, 2004, Eliot Spitzer announced he had charged several of the nation's largest insurance companies and the largest broker with bid rigging and pay-offs that he claimed violated fraud and competition laws. On this news, the Company's shares plummeted 9%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
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