Pension Fund Says Morrison Doesn't Nix Swiss Re Case

Law360, New York (July 29, 2010, 3:29 PM EDT) -- A union pension fund suing Swiss Reinsurance Co. for failing to disclose risky credit default swaps failed to gain traction Thursday in fighting back against new limits on the reach of U.S. securities laws that threaten to knock out the case.

Facing a dismissal bid, the pension fund’s attorney David Rosenfeld argued in the U.S. District Court for the Southern District of New York that the literal language of a new U.S. Supreme Court opinion barring extraterritorial reach of certain securities claims does not apply to...
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