Health & Fitness
Health and Fitness
Health and Fitness 
Mon, February 28, 2011
Sun, February 27, 2011
Sat, February 26, 2011
Fri, February 25, 2011
Universal American Enters Into Stipulation of Settlement To Resolve 2005 Shareholdera?s Derivative Action
RYE BROOK, N.Y.--([ BUSINESS WIRE ])--Universal American Corp. (NYSE: UAM) today announced that it entered into a Stipulation of Settlement to resolve a 2005 shareholdera™s derivative action brought by Arthur Tsutsui against certain of the Companya™s officers and directors (No. 05-22523). The proposed settlement was preliminarily approved by the Court on February 10, 2011 and is subject to the final approval of the Court. A hearing has been scheduled on April 15, 2011 to determine whether final approval should be granted.
Pursuant to the preliminary order, notice of the proposed settlement is being effected today by the filing of a Form 8-K, attaching both the Stipulation of Settlement and the preliminary order. Under the terms of the Stipulation of Settlement, Universal American has agreed to enhance existing corporate governance provisions concerning trades in the Companya™s stock by officers and directors. In addition, plaintiffa™s counsel will make an application for attorneysa™ fees in an amount not to exceed $450,000. The complete terms of the settlement are set forth in the Stipulation of Settlement attached to the Form 8-K.
About Universal American Corp.
Universal American, through our family of healthcarecompanies, offers health benefit plans designed to promote collaboration among our members and their healthcare professionals. This Healthy CollaborationSM improves, each day, the health and well-being of more than two million older and disabled Americans. For more information on Universal American, please visit our website at [ www.UniversalAmerican.com ].