Converium/SCOR

A U.S. trial court excludes from a securities class action litigation non-U.S. investors who purchased stock of Swiss reinsurer Converium Holding AG (now part of SCOR Holding AG) outside the United States. Despite that ruling, BLB&G secures for non-U.S. investors an additional $58 million recovery which the Amsterdam Court of Appeals approves and rules legally binding in January 2012 - the first time it has ever done so involving a non-Dutch company. The decision is crucial to investors in the wake of 2010’s Morrison ruling by the U.S. Supreme Court as it establishes that there is a legally binding mechanism available in Europe to help resolve securities claims against non-U.S. companies, and a Court that is willing to take an expansive jurisdictional view in reviewing such settlements.
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