NU Online News Service, Feb. 18, 3:09 p.m. EST
Liberty Mutual Insurance Co. has brought a federal court action arguing that a sham transaction by General Re Corp. inflated the value of a company it sold to Liberty by millions of dollars.
The company as a result is seeking $12.1 million, according to papers Liberty filed with the U.S. District Court in Manhattan. The monies involved were paid by Gen Re to settle Securities and Exchange Commission charges concerning the alleged accounting fraud involved.
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