$200M WellCare Health Settlement Isn't Fair: Investor

Law360, New York (June 3, 2011, 6:53 PM EDT) -- An investor on Friday appealed the $200 million settlement of a class action in Florida that accused WellCare Health Plans Inc. of misappropriating tens of millions of dollars in Medicaid funds to inflate its reported income and stock price.

The class action, which was certified for settlement purposes, claimed an accounting scheme involving WellCare unit Comprehensive Reinsurance Ltd. allowed WellCare to avoid refunding money it owed to states. Plaintiffs said WellCare counted that money as revenue, thereby deceiving investors and materially overstating the company's reported financial...
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