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Firm Posts Annuity & Life Complaint On Web

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NU Online News Service, Dec. 5, 9:32 a.m. – Milberg Weiss Bershad Hynes & Lerach L.L.P., New York, has put a copy of the complaint in a lawsuit filed against Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, in the U.S. District Court in Hartford at

Milberg Weiss and three other law firms are trying to use the complaint as the basis for organizing a class-action lawsuit against Annuity and Life on behalf of the reinsurance company’s shareholders.

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. The Hartford complaint alleges that the original Annuity and Life financial statements misled investors about the company’s finances.