CBIZ Announces a $41.5 Million Settlement With the University of Pittsburgh Medical Center and UPMC Altoona
CBIZ announced it has reached a settlement agreement in the University of Pittsburgh Medical Center and UPMC Altoona v. CBIZ, Inc., CBIZ Benefits & Insurance Services, Inc., and Jon S. Ketzner lawsuit June 30. CBIZ will make a one-time payment of $41.5 million to UPMC.
The case was filed in U.S. District Court for the Western District of Pennsylvania in connection with actuarial services provided by a former employee and relates to a transaction that occurred eight years ago. UPMC sought compensatory damages of between $124 million and $266 million, plus interest and punitive damages.
Under the terms of the settlement, CBIZ will pay the one-time total settlement payment, which will impact 2021 second-quarter and full-year diluted earnings per share by $0.42, according to a news release.
