Amerigroup

Norfolk, VA: In a lawsuit filed by a group of shareholders against Virginia Beach-based managed care provider Amerigroup, the judge agreed with the plaintiffs' that they lacked sufficient evidence to win the securities fraud suit. Judge Henry Morgan then approved a $5 million settlement in the suit. When informed of the agreement that lead plaintiff Illinois State Board of Investment struck with Amerigroup in October, Morgan had not yet decided on an Amerigroup motion seeking a summary judgment, the judge said during a hearing to determine the fairness of their agreement. The court also approved the attorneys' request for $500,000 in reimbursement of their litigation expenses. (Feb-06-07) [HAMPTON ROADS: AMERIGROUP SECURITIES]