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Suit Hits Annuity & Life Re

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NU Online News Service, Dec. 4, 3:32 p.m. – Two law firms are trying to organize a class-action lawsuit against Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, on behalf of the company’s shareholders.

The law firms, Hoffman & Edelson L.L.C., Doylestown, Pa., and Scott & Scott L.L.C., Colchester, Conn., have filed a suit in a U.S. District Court in Connecticut that accuses the company and its former officers of violating federal securities laws by misrepresenting the company’s financial condition.

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Annuity and Life recently restated some of its financial statements at the suggestion of the U.S. Securities and Exchange Commission to change the way it accounts for embedded derivatives contained in its annuity reinsurance contracts.