IN RE SCOTTISH RE GROUP SECURITIES LITIGATION

No. 06 Civ. 5853(SAS).

524 F.Supp.2d 370 (2007)

In re SCOTTISH RE GROUP SECURITIES LITIGATION.

United States District Court, S.D. New York.

November 2, 2007.


Attorney(s) appearing for the Case

Max W. Berger, Esq., Salvatore J. Graziano, Esq., John C. Browne, Esq., Eric T. Kanefsky, Esq., Bernstein Litowitz Berger & Grossmann LLP, New York, NY, John R. Climaco, Esq., David M. Cuppage, Esq., Scott D. Simpkins, Esq., Climaco, Lefkowitz, Peca, Wilcox & Garofoli Co., Cleveland, OH, for Lead Plaintiff and the Class.

Marvin L. Frank, Esq., Murray, Frank & Sailer, LLP, New York, NY, David Kahn, Esq., Mark E. King, Esq., David B. Kahn & Associates, Ltd., Northfield, IL, for Plaintiff Richard Baehr Trust.

Evan M. Rosen, Esq., Lyle Roberts, Esq., George Anhang, Esq., LeBoeuf, Lamb, Greene & MacRae LLP, Washington, D.C., for Defendants Scottish Re Group Limited, Elizabeth Murphy, Dean E. Miller, Michael C. French, Michael Austin, William Caulfeild-Browne, Robert Chmely, Lord Norman Lamont, Hazel O'Leary and Glenn Schafer.

Dennis E. Glazer, Esq., Elliot Moskowitz, Esq., Davis Polk & Wardwell, New York, NY, for Defendant Scott Willkomm.

William R. Maguire, Esq., Marc A. Weinstein, Esq., Sarah L. Cave, Esq., Hughes Hubbard & Reed LLP, New York, NY, for Defendant Ernst & Young LLP.

James E. Brandt, Esq., Jeff G. Hammel, Esq., Latham & Watkins LLP, New York, NY, for Defendants Lehman Brothers Inc., Bear Stearns & Co. Inc., Banc of America Securities LLC, Keefe Bruyette & Woods, Inc., Oppenheimer & Co. Inc., Advest, RBC Dain Rauscher Inc., Stifel, Nicolaus & Company, Incorporated, Goldman, Sachs & Co., Wachovia Capital Markets, LLC, A.G. Edwards & Sons, Inc., Fox-Pitt, Kelton Incorporated, Lehman Brothers OTC Derivatives, and Bear Stearns International Limited.


OPINION AND ORDER

SHIRA A. SCHEINDLIN, District Judge.

This putative class action is brought on behalf of a class of shareholders of Scottish Re Group Ltd. ("Scottish Re" or the "Company") against (1) Scottish Re and certain of Scottish Re's officers and directors, (2) Ernst & Young LLP ("E & Y"), the Company's outside auditor, and (3) underwriters and forward purchasers involved in two of the Company's offerings. The Consolidated Class Action...

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