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Oxford Adds $20 Million To Litigation Reserves

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NU Online News Service, Dec. 20, 10:18 a.m. – Oxford Health Plans Inc., Trumbull, Conn., has added $20 million to the reserves protecting it against the lawsuits resulting from its 1997 financial meltdown.

The company reported big losses that year because of a combination of management problems and problems with its accounting systems.

Oxford has already agreed to settle the lawsuits for $161 million from its excess insurance companies, but the plaintiffs have not agreed to accept that offer, Oxford says.

The U.S. District Court in New York recently scheduled a trial to resolve the securities lawsuits for March 10, 2003.