PXRE Seeks To Toss Funds' Suit Over Katrina Losses

Law360, New York (May 8, 2009, 12:00 AM EDT) -- Reinsurer PXRE Group Ltd. and three of its executives have moved to dismiss a lawsuit by a group of hedge funds alleging the company underreported its losses after Hurricane Katrina to avoid having its credit rating downgraded.

In a memorandum filed Wednesday in the U.S. District Court for the Southern District of New York, PXRE argued that that the hedge funds' suit was substantially identical to a consolidated shareholder lawsuit against the company that was dismissed in March, and should meet the same fate.

“The complaint...
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