New Investors Join £150M RSA Accounting Fraud Share Suit

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Law360, London (July 20, 2021, 6:37 PM BST) — Dozens of new investors have been added to a £150 million ($204 million) shareholder lawsuit against insurer RSA, accused of defrauding the market by overstating its profits, counsel for the claimants said at a London court hearing Tuesday.

Peter de Verneuil Smith QC, representing asset manager Allianz Global Investors GmbH and other investors, said at a High Court case management hearing that the new claims had been issued because the case involves untested areas of securities law.

“As an abundance of caution, we issued new claims with alternative entities. We accept the law regarding the determination of an interest in securities…