Update on Fairfax Financial Holdings Scandal

Attatched is an article by Herb Greenberg (CNBC/Marketwatch) discussing further quotes from Morgan Keegan analyst John Gwynn.

The following was obtained through Goliath Business News Services...the free-site portion

"NEW YORK-One week after restating the results of a reinsurance subsidiary, Fairfax Financial Holdings Ltd. was named in a proposed class action lawsuit charging it with securities fraud for producing a range of allegedly false financial reports since 2004.

Lawyers representing two Fairfax bondholders filed the suit last week in U.S. District Court in New York on behalf of investors who bought Fairfax debt between March 2004 and March 2006.

The complaint, which also names Fairfax Chairman and Chief Executive Officer V. Prem Watsa and several Fairfax officers and directors, alleges that the company concealed the..."

Source : http://goliath.ecnext.com/coms2/summary_0199-5467572_ITM

In addition, a law website containing possible cases for individuals to become a part of posted this...

"Fairfax Financial Holdings Limited NYSE: FFH has been accused of securities fraud. If you are a current or former employee or are a member of any of Fairfax Financial Holdings Limited investment plans or profit sharing retirement plans you may be included in this possible Fairfax Financial Holdings Limited 401K or Employee Retirement Income Security Act (ERISA) class action. If you purchased or held Fairfax Financial Holdings Limited stock in one of those plans during the periods December 18, 2002 to July 25, 2006, you may have a claim.

Under ERISA, Fairfax Financial Holdings Limited employees can file a lawsuit against the company for putting stock options at risk. Fairfax Financial Holdings Limited employees have a claim if they can prove their employer violated its fiduciary duty to its employees. Fiduciary duty refers to a company�s responsibility to the people who invest in it. If an employer puts the company�s interest ahead of the investors�, it has broken its fiduciary duty. A fiduciary is a person that exercises discretion over the management of plan assets or exercises discretionary control over the administration of the plan.

ERISA is a federal law that sets minimum standards for pension and health plans set up by private businesses. ERISA was designed to protect people who participate in employee benefit plans, including employees with stock options in a company. Stock options are a form of compensation in which employees are given the opportunity to purchase shares of the company stock at a certain price.

If you have suffered from Fairfax Financial Holdings Limited 401K plan losses, you may qualify for damages or remedies that may be awarded in a possible Fairfax Financial Holdings Limited ERISA class action lawsuit. Please click the link below to submit your complaint and we will have a lawyer review your ERISA complaint. "

Source : http://www.lawyersandsettlements.com/case/fairfax-securities-erisa