Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance

Oxford Adds $20 Million To Litigation Reserves

Your article was successfully shared with the contacts you provided.

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.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.