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| 2002 News and Press Releases |
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SETTLEMENT ARCHIVED:
Oxford Health 3Q Net Fell 72% On Lawsuit Charge
By: Staff Writer
Dow Jones News Service. October 29, 2002
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EXCERPT: Oxford Health Plans Inc.'s (OHP) third-quarter net income plunged 72%, dragged down by a hefty charge for a proposed settlement related to securities lawsuits brought against the company in 1997. The health-plan provider Tuesday reported net income of $23.8 million, or 26 cents a share, down from $85.7 million, or 85 cents a share, a year earlier. The latest results included a pretax charge of $151.3 million, or 98 cents a share after taxes, to reflect a proposed settlement of securities lawsuits brought against Oxford Health following the Oct. 27, 1997 decline in its share price amid financial reporting irregularities. … Last week, Oxford Health said it notified plaintiffs and insurance carriers of its willingness to pay $161.3 million, as the securities class action suits continue toward a trial. The health-plan provider has said the $151.3 million charge represents the company's settlement offer, less $10 million that the company estimates would be available and collectible under its primary directors and officers insurance.
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