Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

A statement from Stichting Converium Securities Compensation Foundation regarding the Converium case.


News provided by

Stichting Converium Securities Compensation Foundation

03 Mar, 2011, 08:00 GMT

Share this article

Share toX

Share this article

Share toX

THE HAGUE, Netherlands, March 3, 2011 /PRNewswire/ --

The following statement is being issued by Stichting Converium Securities Compensation Foundation, regarding the Converium case.

HEARING ANNOUNCEMENT

TO: ALL PERSONS (LEGAL OR NATURAL) AND OTHER ENTITIES WHO PURCHASED (OR OTHERWISE ACQUIRED) SHARES OF THE COMMON STOCK OF CONVERIUM HOLDING AG DURING THE PERIOD FROM 7 JANUARY 2002 UP TO AND INCLUDING 2 SEPTEMBER 2004 (THE "RELEVANT PERIOD") ON THE SWX SWISS EXCHANGE OR ANY OTHER STOCK EXCHANGE OUTSIDE THE UNITED STATES OF AMERICA AND WHO WERE NOT RESIDENTS OF THE UNITED STATES AT THE TIME OF SUCH PURCHASE OR ACQUISITION ("NON-US EXCHANGE PURCHASERS")

PLEASE TAKE NOTE THAT SCOR Holding (Switzerland) AG (formerly Converium Holding AG) ("Converium") and Zurich Financial Services Ltd ("ZFS") have entered into settlement agreements (the "Agreements") in July 2010 with Stichting Converium Securities Compensation Foundation (the "Foundation") and Vereniging VEB NCVB ("VEB"). The Agreements provide for compensation to the Non-US Exchange Purchasers described above. The parties have also filed a joint petition with the Court of Appeal in Amsterdam (the "Court"), in The Netherlands, to have the Agreements declared binding on all Non-US Exchange Purchasers.

By Court Order of 12 November 2010 the Court has pronounced in a provisional judgment that it is competent to take cognizance of the request in the parties' joint petition and furthermore decided that interested parties may present their arguments in a statement of defense or at the oral hearing of the petition, if they so desire.

The Court has directed that the hearing of the petition to declare the Agreements binding will be held on 3 October 2011 at 10.00 a.m. in the Court Building (Paleis van Justitie) at Prinsengracht 436, Amsterdam, The Netherlands and, if necessary, will be continued on the following day. The hearing will be conducted in Dutch.

If the Court declares the Agreements to be binding in a final decision and if the Agreements are not terminated, settlement relief will be available for all eligible Non-US Exchange Purchasers in a total gross amount of USD 58,400,000 (USD 40,000,000 from Converium and USD 18,400,000 from ZFS), (less attorneys' fees and costs). The settlement relief will be distributed pursuant to the terms of a Distribution Plan that is set forth in Exhibit C to the Agreements.

If the Court declares the Agreements binding in a final decision and if the Agreements are not terminated, all Non-US Exchange Purchasers' claims relating to their purchases of Converium common stock during the Relevant Period will be extinguished (final release of liability), unless those persons file a timely notice of intent not to be bound by the Agreements (an "opt-out notice").

It is not yet possible to file a claim for compensation or an opt-out notice at this time. If the Agreements are declared binding, the parties will furnish information in a separate announcement, to be published in a similar manner as this announcement, about how to file for settlement relief under the Agreements and how to submit an "opt-out" notice, along with the details of the deadlines for such actions.

Non-US Exchange Purchasers who wish to oppose the parties' petition to declare the Agreements binding may file a statement of defense to the petition with the Registry of the Court of Appeal no later than on 22 August 2011. The statement of defense must be drawn up in Dutch and filed (7 copies) by a Dutch lawyer.

Non-US Exchange Purchasers and other interested parties with standing to do so may also appear at the court hearing to make oral statements in person or through appropriate counsel. If you wish to speak at the hearing in a language other than Dutch, you need to arrange for an interpreter to be present to translate your words into Dutch. If you or your counsel wish to speak at the hearing in connection with your defense, your counsel must notify the Court in writing no later than on 5 September 2011. You are not obliged to file a defense to the petition or to appear at the hearing in order to be entitled to file a claim for compensation or to declare that you do not wish to be bound by the Agreements ("opt-out") later.

You can obtain a copy of a more detailed announcement of the oral hearing by emailing questions@converiumsettlements.com, by calling + 1 614 5690291, or + 1 800 77686266 (free phone from Switzerland, the United Kingdom, France, Germany, Italy and The Netherlands), or 1 (800) 9606659 (free phone from the United States), or by visiting any of the following websites: www.converiumsettlement.com; www.converiumsettlements.com; www.blbglaw.com; www.srkw-law.com; www.cohenmilstein.com; or www.veb.net. The petition and the Agreements will also be posted on those websites. If you would like to receive further information about the settlements, you can also send your contact information to the settlement administrator (at Converium Holding AG International Settlement, c/o The Garden City Group, Inc. PO Box 9616, Dublin, OH 43017-4916, United States, E-mail: questions@converiumsettlements.com) or call one of the telephone numbers mentioned above. Additionally, these documents, as well as official records of the hearing, can be viewed on the website of the Court (www.rechtspraak.nl ) and - by written request - at the registry of the commercial division of the Court (Amsterdam Court of Appeal, P.O. Box 1312, 1000 BH Amsterdam, The Netherlands, attn. Ms. M. van Vuuren, stating reference number: 200.070.039/01).

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.