Swiss Re Didn't Disclose Risky Credit Swaps: Suit

Law360, New York (February 28, 2008, 12:00 AM EST) -- Ripples from the subprime mortgage meltdown continued to broach the insurance industry, as Swiss Reinsurance Co., the world's largest reinsurer, was hit with a shareholder suit after its guarantees of two large, risky pieces of debt forced it to take a $1.07 billion write-down late last year.

A local plumbers union's pension fund filed a proposed class action against Swiss Reinsurance Co. and several of its top current and former executives Wednesday in the U.S. District Court for the Southern District of New York.

The complaint...
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