Securities Class Action Against PXRE Dies In 2nd Circ.

Law360, New York (December 22, 2009, 7:20 PM EST) -- The U.S. Court of Appeals for the Second Circuit has upheld the dismissal of a securities fraud class action against executives of PXRE Group Ltd., ruling that the lower court properly found that the reinsurance company was not trying to deceive its investors when it underestimated the company's losses stemming from damage caused by Hurricane Katrina.

A three-judge appellate panel determined Monday that the U.S. District Court for the Southern District of New York had properly dismissed the case after finding that PXRE had neither the...
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