Davis v. Scottish Re Group Ltd.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Andreas, J.
Plaintiff, a resident of Mexico, holds more than 2.4 million shares (representing approximately 48%) of the noncumulative perpetual preferred shares (PPS) of defendant Scottish Re Group Limited (Scottish Re), a Cayman Islands reinsurance company. Prior to a 2011 merger, which is one of the transactions at issue, he also held more than 13 million shares (representing approximately 20%) of Scottish Re’s common stock.
In this action, plaintiff asserts both direct and derivative causes of action against Scottish Re, its American operating subsidiary Scottish Re…
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