NEW YORK, Oct. 22, 2004 (PRIMEZONE) -- Murray, Frank & Sailer LLP announces a class action lawsuit on behalf of purchasers of the securities of ACE Limited ("ACE" or the "Company") (NYSE:ACE) between May 30, 2002 and 10:58a.m, Eastern Daylight Time on October 14, 2004, inclusive (the "Class Period").
The complaint alleges that defendants made statements during the class period that were materially false and misleading because they failed to disclose and misrepresented the following adverse facts: (a) the Company had implemented and executed an unsustainable business practice whereby the Company participated in a business plan under which it entered into "placement service agreements" with Marsh & McLennan and agreed to pay them "contingent commissions" in return for steering it business and shielding it from competition; (b) the Company's illicit scheme exposed it to significant regulatory penalties and threatened loss of consumer goodwill jeopardizing the Company's ability to sustain any performance in its legitimate business practices; (c) the Company's revenues and earnings would materially overstated and would have been significantly less had the Company not engaged in such unlawful practices; and (d) at no time during the Class Period did defendants disclose the fact that, or the extent to which, ACE's business, revenue, and income were dependent upon the unlawful and unsustainable business practices alleged herein.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired ACE Limited securities on any exchange between May 30, 2002 and 10:58a.m, Eastern Daylight Time on October 14, 2004, and sustained damages, you may, no later than December 17, 2004, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.