Swiss bank UBS and its former auditor, Ernst & Young, have agreed to pay $250.5 million to settle lawsuits brought by shareholders of HealthSouth in the wake of the hospital operator's accounting fraud. Under the settlements, which must be approved by a judge, UBS's insurers will pay $117 million to HealthSouth stockholders and $100 million to the health care provider's bondholders. Ernst & Young will pay $33.5 million to bondholders. Both UBS and E&Y have denied any wrongdoing.
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