UBS settles case with US hospital group
Swiss bank UBS has agreed to pay a $217 million (SFr233.5 million) settlement to US hospital operator HealthSouth following investor lawsuits related to fraud.
The litigation came in the wake of an estimated $2.7 billion accounting fraud at the Alabama-based HealthSouth.
UBS insurers will pay $117 million to HealthSouth shareholders and $100 million to bondholders.
UK accounting firm Ernst & Young LLP has also agreed to pay a settlement of $33.5 million to the bondholders.
According to court documents, both UBS and Ernst & Young have denied any wrongdoing. The settlements require the approval of a US district judge.
Meanwhile, 15 former HealthSouth executives have pleaded guilty to involvement in a scheme to inflate earnings as well as the company’s share price.
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