In what experts say may be the Securities and Exchange Commission's third-largest settlement with an individual, fired HealthSouth Chief Executive Richard Scrushy has reached an $81 million deal to end a government lawsuit in a huge accounting fraud. However, he'll wind up paying less than $10 million -- maybe much less -- as his attorneys contend he's running out of money. Scrushy was acquitted on all charges in the fraud and has since become a TV preacher in HealthSouth's hometown of Birmingham, Ala.
April 24, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Fired HealthSouth Corp. Chief Executive Richard Scrushy reached an $81 million settlement to end a government lawsuit in a huge accounting fraud, but he will pay less than $10 million — maybe much less — as his attorneys contend he is running out of money.
A federal judge on Monday approved the settlement of the lawsuit filed by the Securities and Exchange Commission, which billed the financial deal as one of the SEC’s largest against an individual.
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