HealthSouth, Ernst & Young Lawsuit

Potential Settlement of $109 Million in Securities Class Action

New Mexico to Share in $109 Million Settlement for Securities Class Action

The attorney general of New Mexico, Gary King, has announced that the New Mexico State Investment Council and the Educational Retirement Board will benefit from a potential $109 settlement of a securities class action settlement brought against Ernst & Young and HealthSouth Corp. According to the law firm representing the plaintiffs, this is among the largest settlements obtained to date against an outside auditor in a securities class action.

The suit alleged that over a 7 year period Ernst & Young manipulated its accounting in various ways which resulted in the financial statements for HealthSouth to be materially false and misleading. That, in turn, led investors to pay more than they should have for HealthSouth’s securities and subsequently suffer hundreds of millions of dollars of damages.

The other plaintiffs in the suit are Central States SE and SW Areas Pension, the Michigan Public School Employees’ Retirement System, the State of Michigan Employee’s Retirement System, the State Police Retirement System and the Judges Retirement System.

MARCH-25-09: NM part of $109 million settlement [NEW MEXICO BUSINESS WEEKLY: NM PART OF $109 MILLION SETTLEMENT]

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