Claims Against Gen Re Dismissed in AIG Securities Action

NEW YORK - A federal judge has granted judgment on the pleadings to General Reinsurance Corp. and three of its executives in the consolidated American International Group securities litigation, ruling that AIG's shareholders failed to adequately plead the elements of material misrepresentation/omission and reliance. In re American International Group Securities Litigation, No. 04-08141 (S.D. N.Y.).

Judge Deborah A. Batts of the U.S. District Court for the Southern District of New York ruled that the U.S. Supreme Court's ruling in Stoneridge Investment Partners LLC v. Scientific-Atlanta Inc. (552 U.S. 148 [2008]) precludes the Gen Re defendants' liability to AIG shareholders …