Hospital Chain Reaches $53M Deal To End Stock Drop Suit

Law360 (January 7, 2020, 2:24 PM EST) -- Community Health Systems Inc. has inked a $53 million deal to settle a class action brought by pension funds and other shareholders who claimed they lost $891 million when the company's share price plummeted after allegations of Medicare fraud came to light.

CHS and the lead plaintiff in the case — a group of New York City pension funds collectively known as NYC Funds — told a Tennessee federal court in a brief Tuesday filing that they have agreed on the principal terms of the deal to end the case. The parties said NYC Funds were drawing up a motion for preliminary approval...

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