Maiden faces class-action lawsuit in US
Bermudian-based reinsurer Maiden Holdings is facing a class-action lawsuit which alleges that it made ďmisleading statementsĒ about its business.
Several law firms yesterday posted press releases to persuade investors who had lost money from the sharp fall in Maidenís share price over the past year to join the suit.
The firms aim to recover damages through the courts for buyers of Maiden shares under US securities laws.
The suit focuses on Maidenís reinsurance of its AmTrust portfolio and states that it failed to ensure that this business was properly priced and that it did not expose Maiden to the risk of excessive losses.
The suit, which was filed in the US District Court for the District of New Jersey, on Monday, names Michael Wigglesworth as the plaintiff and Maiden Holdings Ltd, as well as former executives Arturo Raschbaum, Karen Schmitt and John Marshalek as defendants.
The action is on behalf of all purchasers of Maiden common stock between March 4, 2014 and November 9, 2018, seeking to pursue remedies under the Securities Exchange Act 1934.
Maidenís share price has fallen more than 80 per cent over the past year and the company has reported five losses in the past six quarters.
Maiden did not respond to a request for comment by press time last night.
BA pilots to strike on September dates
Employers stealing from employees
Repeat DUI offender banned for five years
Not parentsí job to fund childís degree
More suspected asbestos found at school
Survey: small rise in jobs number
Radical reform needed in public service
Demolition site decoration highlights Pride
Rallying cry for independence
Repeat drink-driver jailed for a year
Police name tourist in jet ski death
Nolan captures Gold Cup goals and glory
Hotel beehives in an eco-responsible way
New home sought for antique church organ
New strategy to boost air arrivals
Linking art and psychology
Take Our Poll
- "What is the most significant reason for Bermuda residents choosing to leave the island?"
- Too small
- Different way of life
- Cost of living
- Gang activity and general crime
- Jobs/professional advancement
- Attitudes towards gays
- Total Votes: 5235
- Poll Archive