Conseco Gets Securities Fraud Action Booted

Law360, New York (March 31, 2011, 2:42 PM EDT) -- A New York federal judge on Wednesday tossed a putative shareholder class action over Conseco Inc.'s restatement of several years of financial results in 2008, agreeing with the insurer that the suit failed to allege fraud.

Judge John G. Koeltl of the U.S. District Court for the Southern District of New York said Conseco had made “lengthy and thorough public disclosures” about its efforts to recover from inconsistencies in claims reporting in its long-term care businesses and a resulting investigation by state insurance regulators.

Judge Koeltl...
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