XL adamant that it is not part of a lawsuit

by David Masters

Story link: XL adamant that it is not part of a lawsuit

Frustrated by the media’s poor quality reporting, XL Capital Ltd. (XL) has released a statement to clarify that it is not subject to a lawsuit filed by Merrill Lynch International.

Merill Lynch International has filed a lawsuit against XL Capital Assurance Inc. (XLCA), a subsidiary of Security Capital Assurance Ltd. The lawsuit has been filed because of credit default swap transactions in August 2006 that were entered into by trusts and insured by XLCA following SCA’s IPO.

In their statement, XL Capital Ltd. clarifies that it is not party to this lawsuit, and that XLCA is not a subsidiary of XL. SCA has permission to use the name XL until August this year because of an agreement that was entered into by the two companies at the time of the IPO.

XL have requested that any queries concerning the lawsuit are directed to the parties involved in the lawsuit.