LAWSUITS NEWS & LEGAL INFORMATION
HealthSouth Settles with UBS for $133 Million
HealthSouth announced Friday that it has recovered $133 million from UBS, resulting from a lawsuit alleging the investment bank aided in an enormous corporate fraud within HealthSouth.
Specifically, the suit alleged that UBS was aware that HealthSouth had participated in false accounting practices to boost their profits, and trigger performance bonuses among top executives. HealthSouth faked $2.6 billion in revenue between 1996 and 2002. Additionally, UBS allegedly promoted HealthSouth stock to its investors in full knowledge of the accounting fraud that was ongoing within HealthSouth.
In the settlement, UBS has agreed to pay $100 million in cash to HealthSouth, and forgive a $33 million debt accrued by the company.
Published on Oct-27-08
Specifically, the suit alleged that UBS was aware that HealthSouth had participated in false accounting practices to boost their profits, and trigger performance bonuses among top executives. HealthSouth faked $2.6 billion in revenue between 1996 and 2002. Additionally, UBS allegedly promoted HealthSouth stock to its investors in full knowledge of the accounting fraud that was ongoing within HealthSouth.
In the settlement, UBS has agreed to pay $100 million in cash to HealthSouth, and forgive a $33 million debt accrued by the company.
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