Swiss Re Wins Dismissal Of Credit Default Swaps Suit

Law360, New York (October 4, 2010, 7:59 PM EDT) -- A federal judge has dismissed a pension fund’s putative class action against Swiss Reinsurance Co., saying a recent U.S. Supreme Court decision bars the fund from reaching outside U.S. boundaries to pursue claims stemming from Swiss Re’s heavy involvement in derivative securities during the 2008 mortgage crisis.

Judge John G. Koeltl of the U.S. District Court for the Southern District of New York tossed the case with prejudice Friday after finding that the Supreme Court’s decision in Morrison v. National Australia Bank Ltd. had focused the...
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