The Retirement Systems of Alabama, the lead Plaintiff in a bondholders’ lawsuit against investment bankers for HealthSouth Corp., settled two lawsuits last month related to the HealthSouth accounting fraud. A settlement with UBS for $100 million in cash and a separate settlement with Ernst & Young LLP make the total amount $133.5 million. The settlement funds will be distributed to HealthSouth bond purchasers. RSA’s Chief Executive Officer, David Bronner, had this to say:
We are excited to announce this excellent result for the HealthSouth bond investors we represent. These settlements were achieved after years of vigorous prosecution, resulting in the recent certification of a class of bond purchasers by the court.
This is an excellent settlement and Dr. Bronner is to be commended for having the courage to file the suit and to hang in there during the time the case remained in court.
Source: Birmingham News
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