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Legal News

Cahill Secures Victory for XL Capital in Shareholder Class Action

Date: 09/26/11

Cahill secured the dismissal of a shareholder class action suit against XL Capital Limited Ltd. in the U.S. District Court for the Southern District of New York. The suit alleged securities fraud under the Securities Act of 1933 and the Securities Exchange Act of 1934 with respect to disclosures relating to exposures under financial guarantee products issued by XL Capital's former subsidiary, Security Capital Assurance Ltd. Judge Deborah A. Batts ruled that the plaintiffs' amended complaint failed to demonstrate the plausibility of loss causation and dismissed all claims against XL Capital, with prejudice.