Petro Wants Ohio To Lead Class Action Against Scottish Re

Ohio Attorney General Jim Petro late yesterday filed a motion in federal court in New York requesting the State Teachers Retirement System of Ohio (STRS) be appointed lead plaintiff in a securities class action lawsuit filed in August against Scottish Re Group Ltd (NYSE:SCT).

The reinsurance company's disclosures of serious accounting problems in July precipitated an immediate 75 percent decline in the company's stock price and caused STRS to suffer losses of more than $16 million, Petro said in papers filed with the U.S. District Court for the Southern District of New York.

“We intend to hold Scottish Re accountable for these losses,” Petro said. “We will aggressively pursue recovery for STRS and other purchasers of Scottish Re’s securities during the class period, just as we have against other corporations whose fraud has harmed investors.” Read more at oh.us