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Zurich Agrees To $30M Deal In Converium IPO Suit

Law360 (August 27, 2007, 12:00 AM EDT) -- Zurich Financial Services has agreed to a $30 million settlement pact in consolidated securities litigation brought on behalf of shareholders of former Zurich subsidiary Converium Holding AG against defendants including Zurich, Converium and some of Converium's officers and directors.

On Friday, lead plaintiffs Avalon Holdings Inc. and the Public Employees' Retirement System of Mississippi filed a motion and supporting memorandum of law asking a federal court in Manhattan to give preliminary approval to the deal.

Zurich isn't admitting any liability, and has entered into the proposed...
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