Controller Testifies Against Last RenRe Defendant

Law360, New York (September 8, 2008, 12:00 AM EDT) -- A former controller at property reinsurance company RenaissanceRe Holdings Ltd. testified Monday against his old boss, saying he participated in a sham reinsurance deal involving a $26 million earnings restatement.

The controller, Martin Merritt, spoke on the first day of a bench trial before Judge Gerard E. Lynch of the U.S. District Court for the Southern District of New York.

He said that RenRe's former CEO, James Stanard, had discussed deferring income at numerous staff meetings in the months leading up to the deal in question....
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