Insurer RSA Hit With Shareholder Suit Over Accounting Errors

Law360, London (May 11, 2020, 5:25 PM BST) -- Dozens of institutional investors have sued RSA for losses caused by a £417 million ($514 million) drop in the insurer's capital reserves in 2013 after it admitted to accounting errors that caused its annual results to be £70 million lower than the market expected.

Allianz Global Investors GmbH is among the shareholders bringing the case against RSA for allegedly making misleading announcements. (AP) The group of 65 shareholders, which include asset manager Allianz Global Investors GmbH, brought the case at the High Court against RSA Insurance Group PLC for allegedly making misleading announcements to the market from 2009.

RSA, which is...

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