RenRe Settles Shareholder Class Action For $13.5M

Law360, New York (February 21, 2007, 12:00 AM EST) -- RenaissanceRe Holdings Ltd. has agreed to pay $13.5 million to settle a securities class action that alleged the property reinsurance company deferred $26 million of its earnings to manipulate financial reports.

The settlement, which was agreed upon on Feb. 14, involves no admission of liability by the insurance company, RenRe said in a filing with the U.S. Securities and Exchange Commission on Tuesday. The settlement, with a class of shareholders who held RenRe stock between April 22, 2003 and July 25, 2005, is subject to court...
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