Zurich Financial Services Class Action Dismissed

Converium Reinsurance filed a securities fraud class action lawsuit against its former parent company after it experienced a dramatic drop after being taken public. The class was filed on behalf of investors who purchased stock in Converium between its December 2001 initial public offering and 2004. The class alleged the company intentionally manipulated its finances to disguise profound problems with the business. Southern District of New York Judge Denise Cote dismissed the securities fraud charges against Zurich Financial Services. (Jan-04-07) [NEW YORK LAW JOURNAL: ZURICH DISMISSED]