On April 7, 2014, Andrews & Springer LLC and Milberg LLP filed a class action lawsuit against SWS Group, Inc. (the "Company") and its board of directors alleging breaches of fiduciary duty in connection with the merger of the Company with one of its shareholders Hilltop Holdings, Inc. ("Hilltop"). Among other things, the complaint alleges that the Board, in 2011, caused the Company to execute certain warrant and credit agreements with Hilltop that placed restrictions on the Company's board of directors from selling the Company to a third party.