PXRE Securities Suit Dismissed With Leave To Amend

Law360, New York (January 27, 2010, 7:45 PM EST) -- A federal judge has dismissed a suit 19 hedge funds filed accusing Argo Group International Holdings Ltd., successor to PXRE Group Ltd., and several executives of misrepresenting the extent of the reinsurer's losses from hurricanes Katrina and Rita, while allowing the plaintiffs to file a new version of their complaint.

Judge Richard Sullivan of the U.S. District Court for the Southern District of New York signed off on a memorandum and order Tuesday granting a motion to dismiss from the plaintiffs — a group that includes...
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