Scottish Re Group Limited ("Scottish Re" or the Company), through its subsidiaries, provides reinsurance products.

The action against Scottish Re and certain of the Company's executive officers charges violations of federal securities laws. On July 28, 2006, the Company's Chief Executive resigned in the face of a shocking second quarter loss of $130 million. Scottish Re now states that it has suspended its dividends and hired investment bankers to track down additional capital. On this news, share prices have declined from $16.00 to $6.50 -- erasing millions of dollars in shareholder value. These revelations were also in stark contrast to statements made by Scottish Re in February 2006, that the Company was operating at or above plan, and to statements made in early May 2006, when the Company reported reduced earnings for the first quarter of 2006, yet failed to make any adjustments to its earnings or revenue forecasts.

On October 13, 2006, the Court granted the motion to appoint the State Teachers Retirement System of Ohio as lead Plaintiff and approved lead Plaintiff’s selection of Bernstein Litowitz Berger & Grossmann LLP as lead Counsel. The Court further consolidated the actions under Master File No. 06-CV-05853. On December 4, 2006, the lead Plaintiff filed a Consolidated Class Action Complaint which included additional claims and Defendants. On March 14, 2007, the Defendants filed motions to dismiss the Consolidated Class Action Complaint. On November 2, 2007, the Court granted in part and denied in part the Defendants' motions to dismiss. On November 13, 2007, the Court denied Ernst & Young LLP's motion to dismiss Plaintiffs' claims under Section 11 of the Securities Act of 1933. On June 16, 2008, a stipulation of dismissal was filed voluntarily dismissing the action against an individual Defendant. On September 3, 2008, the lead Plaintiff filed a motion for preliminary approval of settlement. On September 8, 2008, the Court preliminarily approved the settlement in the amount of $37.5 million in cash. On December 11, 2008, District Court Judge Shira A. Scheindlin approved the settlement, the plan of allocation and awarded attorney fees and expenses.

On July 29, 2010, an amended Order approving lead Plaintiff's distribution plan for distribution of the net settlement fund to authorized claimants was approved.