Healthcare Corporation To Settle Shareholder Lawsuits
Following charges of providing misleading information relating to Medicare charges, Tenet Healthcare Corp. has stated that it will be settling federal class action lawsuits filed against it with the sum of $215 million. The cash will come from various sources, including insurance coverage, the company’s fourth quarter earnings, and cash input from two former executives of the group.Officials at Tenet state that the settlement will not cover the company’s external auditors, who have been named as defendants as part of the class action, but does cover all former officers and directors that have been named. The settlement will also cover related lawsuits filed by shareholders in California.
The lawsuits claim that the corporation lied with regards to Medicare payments among other issues, and the suits were filed in 2002 after people bought securities over a two-year period based on what is alleged to be false information.
An official of Tenet, which has faced a series of litigation over various issues in recent years, stated that the settlement was "another significant step forward in our turnaround."
Topic Added January 26th, 2006
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