UBS, Ernst & Young Discover Settling Is Good for the Soul
OK, so maybe it isn't good for the soul but settling is excellent if you are trying to run a quick scam and not really have to pay for it.
The Swiss bank UBS AG and the accounting firm Ernst & Young LLP have agreed to $250.5 million of settlements to resolve investor lawsuits over a fraud that nearly destroyed the hospital operator HealthSouth Corp.
UBS insurers will pay $117 million to HealthSouth shareholders and $100 million to bondholders, and Ernst & Young will pay $33.5 million to the bondholders, documents filed on Thursday with the federal court in Birmingham, Alabama show.
The settlements require approval by U.S. District Judge Karon Bowdre. UBS and Ernst & Young denied wrongdoing, the court documents show.
Ernst & Young also had agreed in early 2009 to a $109 million settlement with HealthSouth shareholders.
UBS in 2008 separately agreed to pay HealthSouth $100 million to settle a lawsuit filed by shareholders on the company's behalf.
Fuck math! Let's add it up anyway.
$117 million + 100 million + 33.5 million plus $109 million + $100 million? $250.5 million + $209 million = $459.5 million between E&Y and UBS.
UBS alone posted a $1.12 billion profit for Q4 2009 (though ended the year with a loss due to certain legal entanglements it has found itself in of late) so really, in the grand scheme of things, its share of a $459.5 million settlement over HealthSouth can't be that bad.