A SENIOR executive at the Dublin arm of reinsurance firm General Re is facing a civil fraud action by US financial regulator the Securities & Exchange Commission (SEC).

ATHLONE-BASED pharmaceutical company Elan is to take a €45 million hit on profits to cover a class action lawsuit in the US and the anticipated costs of the Securities & Exchange Commission (SEC) investigation.

THE drug company Elan said yesterday that it expects the long running investigation into its accounts by US financial watchdog, the Securities & Exchange Commission, will not be over for another few months.