Union Excess Reinsurance obtains dismissal of securities litigation
Clients Union Excess Reinsurance Company, Ltd.
Jones Day represented Union Excess Reinsurance Company, Ltd. ("Union Excess") in the In re American International Group, Inc. Securities Litigation pending in the United States District Court for the Southern District of New York (Case No. 04 CV 8141). In the lawsuit, filed in October 2004, shareholders of American International Group, Inc. ("AIG") alleged that the company and others participated in activities that led to fraudulent misrepresentations on AIG's financial statements. Union Excess, a Barbados-based reinsurance company that did business with AIG, was added as a defendant to the action. Jones Day successfully negotiated with the plaintiffs for a voluntary dismissal with prejudice of the claims against Union Excess effective May 2008, in exchange for the company's future cooperation with limited discovery and no payment.
In re American International Group, Inc. Securities Litigation No. 04CV 8141 (S.D.N.Y.)