Ernst & Young pays investors in HealthSouth fraud - WSFA.com Montgomery Alabama news.

Ernst & Young pays investors in HealthSouth fraud

BIRMINGHAM, Ala. (AP) - Ernst & Young LLP has agreed to pay $109 million to HealthSouth Corp. shareholders who sued the firm for failing to detect an accounting fraud involving more than a dozen executives.

According to papers filed in Birmingham federal court this week, the proposed settlement would create a fund for investors.

The New York-based firm did not admit to any wrongdoing.

Rob Riley, a lawyer for the plaintiffs, said the deal is a good one for investors who thought they would never see any return of their investment.

U.S. District Judge Karon Bowdre scheduled a hearing Thursday on whether to give preliminary approval.

Ernest & Young spokesman Charles Perkins said the settlement allows the firm to resolve the litigation.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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