Class action lawsuit against Fairfax Financial filed

A class action lawsuit against Fairfax Financial Holdings Ltd and others
has been filed by Schiffren & Barroway, alleging violations of
the Securities Exchange Act of 1934 and the Securities Act of 1933.

Fairfax, is involved in property and casualty
insurance and reinsurance conducted on a direct basis principally in
Canada, the United States, and the United Kingdom. It also provides claims
adjusting, appraisal, and loss management services.

The Complaint alleges that the Company failed to disclose and misrepresented
the following material adverse facts which were known to defendants or
recklessly disregarded by them: (1) that the Company's current reserve
accounts were understated; (2) that the Company over-utilized aggressive
off-balance sheet funding mechanisms; (3) that the Company improperly
accounted finite reinsurance contracts; (4) as a consequence of the
foregoing, the Company's reported earnings were materially inflated
throughout the Class Period; and (5) that defendants consistently
downplayed the seriousness of regulatory inquiries and subpoenas issued
against the Company.