Judge Preliminarily Approves $84.6 Million SCOR/Converium Settlements

NEW YORK - A New York federal judge on Aug. 11 preliminarily approved two proposed settlements totaling $84.6 between SCOR Holding Switzerland AG and a class of U.S. investors In re: SCOR Holding (Switzerland) AG, No. 04-Civ. 7897 [DLC] (S.D. N.Y.).

The investors claimed that during a December 2001 initial public offering, SCOR's predecessor, Converium AG Holdings, concealed a growing reserve deficiency in its North America operations.

SCOR has agreed to pay $75 million to resolve the claims, while Converium's former parent company, Zurich Financial Services, will pay $9.6 million.

Judge Denise Cote of the U.S. District Court for …