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Articles Bermuda Featured Insurance Listed Securities USAMay 9, 2008

SCA hit with class actions lawsuits filed by buyers of municipal bonds

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17 years ago

Topics

Bermuda Insurance Listed Securities USA

Keywords

AIG Bear Stearns Bermuda Insurance Market Financial Security Assurance Financial Security Assurance Holdings
First Southwest Company GE Funding Capital Market Services Genworth Financial George K. Baum & Company Investment Management Advisory Group JPMorgan Kinsell Newcomb & De Dios Lehman Brothers Merrill Lynch Morgan Keegan Morgan Stanley Security Capital Assurance Wachovia Corporation XL Capital
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Bermuda-based Security Capital Assurance Ltd., in which XL Capital owns a 46% stake, has been hit with a new wave of class action lawsuits. Already facing class action litigation brought on behalf of shareholders for alleged fraud, the latest lawsuits seek to recover damages on behalf of purchasers of municipal derivatives from January 1, 1992 to the present.
The latest class action complaints – numbering three so far – were filed at three different federal courts in the United States from March 12 to April 23, 2008, with eight municipalities or cities and one university as the specimen plaintiffs.