Sacramento, CA: (Nov-01-07) A series of class action lawsuits were brought against Health Net Inc., which came to be known as the McCoy, Wachtel, and Scharfman lawsuits. Those suits alleged that the company needed to resolve regulatory issues with the New Jersey Department of Banking and Insurance and other litigation matters. As part of a settlement reached, sources confirmed that the company agreed to pay close to $216 million to settle the three class action lawsuits. The settlement is reflected in the current quarter. Woodland Hills-based Health Net stated that the company did not report earnings through the first nine months. [
SACRAMENTO BUSINESS JOURNAL: HEALTH NET EARNINGS]
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- Health Net Settles Three Class Actions for $215 Million