CorVel Reports Federal Approval of Stock Sale

CorVel Corp. said federal regulators approved the proposed sale of 350,000 shares of its stock by its largest shareholder, Minneapolis-based North Star Universal Inc.

North Star has held 1.6 million shares, or 35.8% of CorVel’s outstanding stock, according to the Irvine health-care company. If the entire amount is sold, North Star’s holdings will be reduced to a 27.5% stake in CorVel. North Star plans to use the proceeds to pay off debts.