Fraud Charges Against Insurer, Banks Dismissed

Law360, New York (January 4, 2007, 12:00 AM EST) -- A Swiss insurance company and two underwriting banks have been cleared of charges of disguising financial information in a class-action lawsuit against Converium Holding AG .

Zurich International, UBS AG and Merrill Lynch International were dismissed from the civil case in a district court ruling on Dec. 28. However, Judge Denise Cote upheld the suit against Converium, former Chief Executive Officer Dirk Lohmann and former Chief Financial Officer Martin Kauer.

Converium is a Swiss multinational reinsurer which had been a subsidiary of Zurich prior to its...
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