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    Class action lawsuit filed against Scottish Re

    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.