A federal judge approved a $300 million settlement to end a shareholder lawsuit against Oxford Health Plans, Trumbull, Conn., and its auditor, KPMG. Oxford and KPMG agreed in March to pay $225 million and $75 million, respectively. Both denied wrongdoing. Oxford was hit with more than 50 lawsuits in October 1997 after the company revealed that its finances were in disarray because of a computer system problem. The announcement caused Oxford, then a Wall Street darling, to lose $3.4 billion of its market value. The lawsuits were consolidated in U.S. District Court in New York in 1998. -- by Laura B. Benko
Oxford puts 1997 shareholder suit to rest
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