UBS, E&Y To Pay $250M In HealthSouth Fraud Case

Law360, New York (April 23, 2010, 3:28 PM EDT) -- UBS AG and Ernst & Young LLP have agreed to pay a total of $250 million to stockholders and bondholders of HealthSouth Corp. to settle a class action stemming from the health services provider's massive accounting fraud.

UBS and Ernst & Young lodged copies of their settlement agreements Thursday in the U.S. District Court for the Northern District of Alabama, where litigation over the fraud has been pending since 2003.

Under the terms of their settlements, banking giant UBS, the health care company's former primary investment...
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