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On Thursday, the U.S. District Court for the Southern District of New York granted James River Group Holdings, Ltd.’s (NASDAQ:JRVR) motion to dismiss a lawsuit filed against the company and certain of its officers by Fleming Intermediate Holdings LLC. The suit, filed on July 15, 2024, alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, common law fraud, and breaches of contract. The claims were related to Fleming’s purchase of JRG Reinsurance Company Ltd., a former subsidiary of James River Group, under a stock purchase agreement dated November 8, 2023.
The court’s decision was disclosed in a statement from the company based on a recent SEC filing. Fleming Intermediate Holdings has until July 31, 2025, to file a motion for reconsideration or until August 18, 2025, to file a notice of appeal.
James River Group Holdings, Ltd. is incorporated in Bermuda and its common shares are listed on the NASDAQ Global Select Market under the symbol JRVR.
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