REN RE REACHES PROPOSED SETTLEMENT OF SHAREHOLDER CLASS ACTION LAWSUIT
Renaissance Re has reached a proposed settlement of a shareholder class action lawsuit arising out of alleged finite reinsurance transactions. The proposed settlement would result in a cash fund of $13.5 million against which claimants could submit claims. Class counsel filed a memorandum in support of preliminary approval of the proposed settlement and a supplemental memorandum. The court then entered a preliminary approval order, setting a fairness hearing for consideration of final approval of the proposed settlement on January 11, 2008. This proposed settlement is in addition to Ren Re's $15 million settlement with the SEC reported on in a February 16, 2007 post to this blog.
