Ryland Group, Inc.

Houston, TX: (Aug-15-07) A class action lawsuit was brought against Ryland Group, Inc., in the United States District Court for the Northern District of Texas. A judge announced a preliminarily approval for the settlement of the case. The class comprises of all persons who purchased or otherwise acquired common stock of the Ryland Group, Inc. between October 3, 2003 and January 7, 2004. The settlement approval hearing will determine whether the settlement of claims asserted in this action in return for payment of $1.2 million in cash plus accrued interest, from which all administrative expenses, taxes owed and court-awarded attorneys' fees and expenses will be paid. The hearing will also decide whether or not the case should be dismissed with prejudice as set forth in the settlement agreement dated as of March 15, 2007 and filed with the court. Shareholders who desire to be excluded from the Settlement Class must file a request for exclusion by November 15, 2007. [CNN NEWS: RYLAND SECURITIES]