Converium/Scor Securities LitigationPractice Area: Securities
In re SCOR Holding (Switzerland) AG (F/K/A Converium Holding AG) Securities Litigation (Southern District of New York).
On January 17, 2012, Cohen Milstein, along with co-lead counsel, secured a landmark ruling in the historic Converium/SCOR securities class action (the first such case settled on a Trans-Atlantic basis), as the Amsterdam Court of Appeal declared binding the two international settlement agreements in the litigation -- an aggregate recovery of $58,400,000. Please follow link to press release.
Cohen Milstein Sellers & Toll PLLC, co-lead counsel for the plaintiff class, negotiated an $84.6 million settlement of this securities fraud lawsuit on behalf of US residents who purchased Converium shares on the SWX Swiss Exchange or purchased Converium ADSs on the NYSE during the Class Period, and foreign investors who purchased Converium ADSs on the NYSE during the Class Period. The case involved claims that Converium, its officers and Converium's parent company Zurich Financial Services failed to disclose that Converium's maintained loss reserves in its Converium North America subsidiary were inadequate, and that as a result of the understatement of loss reserves, Converium's earnings and assets were materially overstated during the Class Period.
A separate settlement on behalf of foreign investors who purchased Converium shares on the SWX Swiss Exchange during the Class Period is to be administered through the Stichting SCOR Securities Compensation Fund and is subject to approval by the Amsterdam Court of Appeals.
Cohen Milstein's efforts have been led by partner Daniel S. Sommers.