A federal court approved a $5 million settlement between Amerigroup,
a Virginia Beach-based managed care provider, and a group
of shareholders who alleged certain company officers
benefited from insider information in selling Amerigroup
stock before the company’s share price collapsed
in 2005. In asking for the settlement, attorneys for
the shareholders told the court they probably could not
win the fraud case at trial. (The Virginian-Pilot)
Rennie Petroleum Co., a Richmond convenience-store
chain, filed for reorganization under bankruptcy. The
company has 24 stores, down form a peak of 40 in the
mid-1990s, and had gross revenues exceeding $100 million
in 2006. (Richmond Times-Dispatch)
Virginia and Virginia Beach withdrew two
federal lawsuits challenging the Base Realignment and
Closure order regarding Oceana Naval Air Station in
Virginia Beach. Based on the government’s failure
to recertify Cecil Field in Jacksonville, Fla. as a master
jet base, the state and city said litigation would not
be necessary to keep the base in Virginia. (News release)
