Gen Re-Ohio $72mn fraud settlement sent back to court
A $72mn settlement proposed in 2009 between General Re (Gen Re) and three Ohio pension funds over the notorious $500mn fraudulent finite reinsurance transaction with American International Group (AIG) has been remanded back to district court level.
District Court Judge Deborah Batts previously rejected the motion by Gen Re and the Ohio pension funds to certify a settlement class on the grounds that they had failed to satisfy a so called fraud-on-the-market presumption which would lead to issues at trial...
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