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HealthSouth AGREES TO $445 MILLION Settlement
On January 8, 2007, Judge Karon Bowdre, U.S. District Judge for the Northern District of Alabama, approved a $445 Million settlement with HealthSouth Corp. and certain of its officers and directors. Under the settlement, HealthSouth will pay $215 million in common stock and warrants, and its insurance carriers will pay $230 million in cash. In addition, federal securities class-action plaintiffs will also get 25 percent of any future judgments obtained by HealthSouth in cases against former CEO Richard Scrushy and against HealthSouth's former auditors, Ernst & Young, and the company's former investment bank, UBS. Class action plaintiffs also have claims pending against Scrushy, Ernst & Young, and against UBS. Those claims were not settled by the HealthSouth settlement. Scrushy and more than a dozen top HealthSouth executives are accused of overstating the company's revenues by $2.7 billion over six years. Our firm, which has extensive experience in securities litigation, serves as Liaison Counsel for the Retirement Systems of Alabama -- Lead Bondholder Plaintiff in the HealthSouth litigation -- and the Bondholder class. For information regarding this litigation, contact David Guin or Tammy Stokes.
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January 17, 2007  |
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