Richfield, CT: (Mar-16-08) A class action lawsuit was brought against Annuity and Life Re (Holdings), Ltd., (ANR) which also named KPMG Bermuda, Annuity and Life Re's outside accountant. Records show that the class action lawsuit reached settlement, in which $16.5 million was paid by Annuity and Life Re (Holdings), Ltd., XL Capital, Ltd. and certain of ANR's officers and directors, which was approved by the Court on Jan. 21, 2005.
In a recent development in the case, sources stated that a settlement has been reached with KPMG Bermuda, in which the accounting firm agreed to pay $10.5 million cash to the affected class. The monies will be distributed to any person or entity that purchased or otherwise acquired the securities of Annuity and Life Re (Holdings), Ltd. during the period between Mar. 15, 2000 and Nov. 19, 2002. [
