Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, June 18, 2009

Scrushy Ordered to Pay $2.8 Billion to HealthSouth

An Alabama state court judge found that Richard Scrushy, ex-CEO of HealthSouth Corp., has to pay $2.8 billion in a state action brought by shareholders who sued alleging accounting fraud, unethical dealings and sweetheart deals.  Scrushy was acquitted of federal securities fraud charges in 2005, but is serving time for an unrelated government bribery conviction.  During the trial, Scrushy continued to deny that he had any knowledge of any financial fraud at the company.  NYTimes, Ex-Chief Ordered to Pay $2.8 Billion to HealthSouth.

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