Swiss Re Pays Up To Silence Short Sales Suit

Law360, New York (September 19, 2007, 12:00 AM EDT) -- A subsidiary of Swiss Reinsurance Co. on Tuesday agreed to fork over $550,000 in disgorgement and penalties to settle a short-selling suit brought by the U.S. Securities and Exchange Commission under its newly beefed-up Rule 105.

To put to rest the allegations in that suit and a parallel administrative proceeding, Swiss Re Financial Products Corp. consented to a cease-and-desist order, and shelled out more than $550,000, including a $95,000 penalty and disgorgement and interest of $457,605.

“Swiss Re has cooperated with the SEC in its inquiries...
To view the full article, register now.