Superior National v. Foundation Health

We obtained a settlement on securities and other claims in excess of $150 million for our client, Chapter 11 debtor Superior National Insurance Group.  Superior National was a holding company that purchased four workers compensation insurance companies from Foundation Health Corporation (now Health Net, Inc.).  The core allegation was that Foundation defrauded Superior by not disclosing certain financial and claims information that undermined its actuaries' reserve opinions.  We obtained an eight-figure settlement from the actuaries and an additional $137 million settlement from HealthNet.

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