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...
To view the full article, register now.