Covea and CEO ordered to pay $24 million to Scor

A French court has ordered insurer Covea Groupe SAS and its chief executive Thierry Derez to pay nearly €20 million ($24 million) in compensation for the damage their misconduct has caused reinsurer Scor SE, Reinsurance News reported. Covea is Scor's largest shareholder and the court said Mr. Derez committed a serious breach of his legal and fiduciary duties and obligations as a director of Scor by disclosing confidential information and documents about the reinsurer to Covea and its advisors.

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