Settlements and Verdicts

Ernst & Young Settles with State of Michigan Over HealthSouth Finanical Fraud

A $109 million settlement has been approved by a federal court judge in the class action lawsuit between the state of Michigan Retirement System and other plaintiffs and Ernst & Young. The lawsuit alleges that the accounting firm failed to uncover an enormous fraud during its audits of HealthSouth Corp between 1996 and 2002.

HealthSouth settled with the state of Michigan and other plaintiffs in 2006 for $445 million, over allegations of fraudulent financial statements.

The Michigan fund was a lead plaintiff in the case, which affected about 46,000 shareholders.

JUN-16-09: Court approves class-action award for Michigan fund, other plaintiffs [PENSIONS AND INVESTMENTS: COURT APPROVES CLASS-ACTION AWARD FOR MICHIGAN, OTHER PLAINTIFFS ]

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