A court case brought against Old Mutual by US insurer Travelers and its subsidiaries has been dropped, the JSE-listed group said in a statement on Monday morning. Old Mutual issued a statement on March 13 saying it "noted" that The Travelers Companies and its subsidiary St Paul Fire and Marine Insurance Company lodged a claim in the Southern District of New York court "in relation to pre-existing … legacy items relating to previously disposed of US assets". On Monday, Old Mutual said "Travelers have withdrawn all of the remedies they were claiming". Old Mutual said it "continues to believe that this claim was without merit". Neither Old Mutual nor Travelers have publicised what the legal dispute was about. Travelers dropping its court case appears to have cleared one of the obstacles Old Mutual faces in its plan to strip itself down to an African-focused group. Old Mutual’s former US subsidiary, OM Asset Management, has rebranded itself BrightSphere Investment Group and is now indep...
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