Confidential
Settlement – $132,000,000Judge
Court
USDC Central
Attorneys
Plaintiff
William C. Price
(Quinn, Emanuel, Urquhart & Sullivan LLP)
Michael T. Lifrak
(Quinn, Emanuel, Urquhart & Sullivan LLP)
Harry A. Olivar Jr.
(Quinn, Emanuel, Urquhart & Sullivan LLP)
Jon C. Cederberg
(Quinn Emanuel Urquhart & Sullivan LLP)
Defendant
Brad D. Brian
(Munger, Tolles & Olson LLP)
Facts
The subject suit was brought in 2000, by the claimant, Superior National Insurance Group, which bought four workers' compensation companies known as Business Insurance Group from the respondent, Foundation Health Corporation (now Health Net Inc.). The settlement was reached shortly before the suit was scheduled to go to trial. The claimant, based in Calabasas, brought claims against the respondent for fraud, securities fraud, fraudulent transfer and breach of contract. The defendants' summary judgment motions as to all claims were denied in August 2003.
Settlement Discussions
PLEASE CAN YOU PROVIDE SOME BRIEF INFO ON THE DEMANDS AND OFFERS PRIOR TO SETTLEMENT AGREEMENT BEING REACH
Damages
The plaintiff sought to undo the $285 million acquisition. The defendant stated that the plaintiff corporation had indicated that its damages could reach $408 million.
Other Information
The settlement proceeds, $132 Million, were paid to SNTL Litigation Trust, a successor-in-interest to the plaintiff, for payment to creditors.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390