On April 4, 2008, the United States District Court for the Southern District of Florida appointed State-Boston Retirement System as Lead Plaintiff and approved its selection as Labaton Sucharow LLP to serve as Lead Counsel in In re BankAtlantic Bankcorp, Inc. Securities Litigation (No. 07-61542 UU S.D. Fla.), a consolidated class action asserting claims under Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934. The action is brought on behalf of a class of investors injured as a result of their purchases of the stock of BankAtlantic, between November 9, 2005 and October 25, 2007.

Lead Plaintiff alleges, among other matters, that BankAtlantic Bancorp Inc., ("BankAtlantic" or " the Company") and certain executives and directors (collectively "Defendants") violated securities laws by making false and misleading statements concerning: BankAtlantic's business as a lender for commercial real estate loans, the creditworthiness of borrowers, its reckless underwriting, appraisal and lending practices, loan loss and other accounting provisions, and by misrepresenting the riskiness of its commercial real estate portfolio of over $530 million of concentrated, high risk, under-collateralized land development loans.

On April 22, 2008, a Consolidated Amended Complaint was filed. Although the Court determined that Lead Plaintiff had satisfied its burden with respect to falsity and loss causation, the complaint was dismissed with leave to replead because the allegations in support of scienter were insufficient. Accordingly, Lead Plaintiff filed a First Amended Consolidated Complaint on January 12, 2009. Defendants again moved to dismiss. By decision dated May 11, 2009, the Court sustained the amended complaint finding that the scienter allegations were sufficient. 

The class was certified by the Court on October 20, 2009.

Discovery commenced after the motion to dismiss was denied and concluded May 21, 2010. During that time period, over 1.7 million documents were produced by BankAtlantic and reviewed by Lead Plaintiff and over twenty depositions were taken. Expert reports were exchanged and expert depositions have concluded. On April 22, 2010 in consideration of the vast amount of discovery produced and depositions taken, and in an effort to conform the pleadings to the evidence and streamline the case for trial, Lead Plaintiff moved to amend the complaint with the Second Amended Consolidated Complaint. That motion is currently pending. In addition, post-discovery motion practice will commence on June 3, 2010, when among other things motions for summary judgment will be filed. A mediation between the parties is scheduled for June 2-3, 2010 and a jury trial is set to commence mid-August 2010 in Miami, Florida.

The action is pending in the federal court in Miami before the Honorable Ursula Ungaro.