Norman Lamont

Scottish Re Group Ltd., several current and former officers and directors, its auditor, and the underwriters of two public offerings of the reinsurer's shares in 2005 have agreed to pay $37.5 million in cash to settle a class action lawsuit.An order preliminarily approving the proposed settlement was issued by Shira A. Scheindlin at the U. S. District Court for the Southern District of New York on September 8, 2008.

A class action lawsuit alleging securities violations has been filed in the United States against an offshore reinsurer whose directors include former Chairman of the Cayman Islands Monetary Authority Michael AustinIt was brought at the U. S. District Court for the Southern District of New York on August 2, 2006 - just two days after the share price of Bermuda-based life reinsurer Scottish Re Group Ltd. fell by 75% from $16 to $3.99 on the New York Stock Exchange in one trading day.

Scottish Annuity & Life Holdings has appointed a former member of the governments of UK Prime Ministers Margaret Thatcher and John Major as a director.Additionally, a deal that will make Pacific Life Insurance Company Scottish Annuity's largest shareholder has now been approved by Scottish Annuity's shareholders and regulators.