Fairfax Financial Comments on SEC, U.S. Attorney’s Investigation

October 12, 2005

Canada’s Fairfax Financial Holdings Limited has issued a brief statement clarifying its situation with regard to the ongoing investigation by the Securities and Exchange Commission and the U.S. Attorney for the Southern District of New York.

Fairfax had issued an earlier statement denying reports that it had received any subpoenas or requests for information from the U.S. Attorney’s office. At the end of September the Fairfax Group did receive further subpoenas from the SEC as part of its investigation into certain loss mitigation products (See IJ Website Sept. 27).

Although Fairfax apparently has not received any similar or related requests from the Attorney General’s office, the company said it “understands that the U.S. attorney’s office for the Southern District of New York will review information that Fairfax provides to the SEC in response to SEC subpoenas, but that Fairfax has not been advised that it is the target of an investigation by that office.”

In a further statement Fairfax said it “confirms its October 10, 2005 release that it has not received a subpoena or other information request from the U.S. attorney’s office,” and that it “continues to cooperate with the SEC’s investigation.”

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