Case Page

 

Case Status:    SETTLED
On or around 12/12/2008 (Date of order of final judgment)

Filing Date: August 02, 2006

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 defendants. 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.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Life)
Headquarters: Bermuda

SECURITIES INFORMATION:

Ticker Symbol: SCT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 06-CV-5853
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 08/02/2006
CLASS PERIOD START: 12/16/2005
CLASS PERIOD END: 07/28/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Spanier Rodd Abrams & Paradis, LLP (New York)
    212 East 39th Street, Abbey Spanier Rodd Abrams & Paradis, LLP (New York), NY 10016
    212-889-3700 212-684-519 · info@abbeyspanier.com
  2. Paskowitz & Associates
    60 East 42nd Street, 46th Floor, Paskowitz & Associates, NY 10165
    212.685.0969 212.685.2306 · classattorney@aol.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 06-CV-5853
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 12/04/2006
CLASS PERIOD START: 02/17/2005
CLASS PERIOD END: 07/31/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
No Document Title Filing Date
No Document Title Filing Date