Coventry Reaches $3.6M Settlement In ERISA Class Action

Law360, New York (October 3, 2013, 4:05 PM EDT) -- Maryland-based health care and insurance management firm Coventry Health Care Inc. on Wednesday agreed to pay $3.6 million to resolve a proposed class action accusing it of violating the Employee Retirement Income Security Act by concealing severe business setbacks from investors.

The proposed settlement resolves claims by a proposed class of the company’s current and former employees, who claimed they lost “millions of dollars of their hard-earned retirement savings” because the company and its directors continued to have the firm’s retirement savings plan invest in the...
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