Zurich Financial Services
On December 11, 2008, the SEC settled civil securities fraud charges against Zurich Financial Services for aiding and abetting an alleged fraud by Converium Holding AG, now known as SCOR Holding (Switzerland) AG, involving the use of finite reinsurance transactions to inflate improperly Converiumís financial performance. As part of the settlement, Zurich paid a $25 million penalty, plus $1 in disgorgement into an interest-bearing account with the Court Registry Investment System. For more information about the SECís action, you can read Litigation Release No. 20825 (Dec.11, 2008).
On February 9, 2010, the Court authorized the SEC to create a Fair Fund, which includes all of the money paid by Zurich into the Courtís registry, and appoint The Garden City Group as Claims Administrator. Under the Distribution Plan approved by the Court on February 9, 2010, The Garden City Group will implement the distribution of the Fair Fund to investors harmed by the violations alleged in the Complaint. Investors can obtain additional information about the distribution from the Fair Fundís website at http://www.zurichsecsettlement.com/, or by contacting The Garden City Group at (800) 327-3664.