A proposed U.S. securities class action suit against financial conglomerate Fairfax Financial Holdings Ltd. has been abandoned, the firm reports.
Toronto-based Fairfax (TSX:FFH) said Friday that a purported class action suit, which was commenced against the firm in July 2011, alleging violations of U.S. federal securities laws between May 2003 and March 2006, has been dismissed. The suit was dismissed with prejudice, which means that the action cannot be revived, the firm notes.
The plaintiff in the case agreed to voluntarily abandon its appeal of a decision earlier this year by the U.S. District Court for the Southern District of New York dismissing the case.
Fairfax says that it did not make any sort of settlement or payment to the plaintiffs in connection with this case, or an earlier suit that was brought by different plaintiffs making substantially similar allegations, which was dismissed before the July 2011 suit was filed.