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Monday, April 22, 2024 | Back issues
Courthouse News Service Courthouse News Service

SEC Fines Swiss Companies $25 Million

WASHINGTON (CN) - Zurich Financial Services and Converium Holding AG, now known as SCOR Holding, will pay $25 million to settle charges of juggling the books to inflate earnings and their stock price, the SEC said. The fraud helped Zurich Re inflate the share price of Converium when it spun that company off in a December 2001 IPO, the SEC said.

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