Business Services Industry
Appellate court upholds denial of Chubb shareholders' class action.(News)
Business Insurance, January, 2005 by Lenckus, Dave
Byline: DAVE LENCKUS PHILADELPHIA-A group of Chubb Corp. shareholders cannot pursue securities fraud class action claims against the insurer because of faulty pleadings they continuously filed in the action, a federal appeals court has ruled. The Dec. 30, 2004, ruling by the 3rd U.S. Circuit Court of Appeals affirms an Aug.
12, 2003, lower court ruling on the action, which alleged fraudulent activity related to Chubb's 1999 merger with management liability underwriter Executive Risk Inc. Both courts were critical of the securities fraud plaintiffs law firm Lerach Coughlin Stoia Geller Rudman & Robbins L.L.P. of San Diego. The plaintiffs, led by the California Public Employees' Retirement System, charged that Chubb, Executive Risk and several of the...
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