WellCare To Pay $200M To Resolve Shareholder Suit

Law360, New York (August 9, 2010, 4:51 PM EDT) -- WellCare Health Plans Inc. will pay about $200 million to settle a proposed securities class action related to an alleged fraud scheme, a deal that comes just weeks after the managed health care company reached a settlement with the U.S. Department of Justice.

WellCare said in a financial filing Monday it had reached the agreement, which must win the approval of a judge in the U.S. District Court for the Middle District of Florida.

The deal comes about six weeks after WellCare announced it had settled...
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