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May 4, 2010

Ernst & Young and UBS settle HealthSouth case

Ernst & Young US and Swiss bank UBS and have agreed to settle an investor lawsuit over the US HealthSouth fraud case for $250.5m.

UBS will contribute $217m and Ernest & Young $33.5m, Reuters reported.

UBS and Ernst & Young both continue to deny wrongdoing in the estimated $2.7bn accounting fraud, which was uncovered in 2003.

Ernest & Young said the settlement means long litigations can be avoided.

HealthSouth Corporation has already paid $445m in settlements for lawsuits that were filed against the company and some of its former directors.

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