Syncora Reports Class Action Suit Dismissed
Bermuda-domiciled Syncora Holdings Ltd. today [Nov.9] reported that a long-running US securities putative class action against Security Capital Assurance Ltd. — as the company was known at the time the lawsuit was initiated — and several former officers of the firm is now closed.
The company’s motion for dismissal was successful and the action was dismissed in its entirety, without the possibility of amended pleadings, on September 23, 2011.
The ruling will not be appealed and the United States District Court for the Southern District of New York has ordered the case closed.
Syncora Holdings Ltd. through its subsidiary, Syncora Guarantee Inc., a monoline financial guarantee insurance provider, provides credit enhancement for the obligations of debt issuers worldwide.
It offers guarantee services for US municipal bonds; asset-backed securities; debt backed by utilities and infrastructure projects; collateralized debt obligations (CDOs); and specialised risks, including future flow securitizations and bank deposit insurance. The company also provides solutions for traditional and structured public finance and infrastructure transactions, investment-grade and leveraged corporate loans, future flow securitisation, and bank deposit insurance.
Syncora Guarantee, Inc. was formerly known as XL Capital Assurance, Inc. The company is headquartered in New York.
