Tenet Healthcare Corp., formerly a major Los Angeles-area hospital owner, said Thursday that it and two former officers have agreed to pay $215 million to settle lawsuits that accused the nation’s second-largest hospital chain of misleading investors on Medicare claims.

Former Chief Executive Officer Jeffrey C. Barbakow, who cashed out $111 million in stock options just prior to the Medicare scandal, and Thomas B. Mackey, former chief operating officer, will pay $1.5 million of the settlement out of their own pockets, according to Dallas-based Tenet.

The class-action settlements must be approved by the U.S. District Court in Los Angeles and the Superior Court in Santa Barbara County, where Tenet was once based. Tenet said its net costs in the settlement, after insurance will be about $140 million, with the charge recorded in the fourth quarter ended Dec. 31.

Tenet still faces federal probes of alleged misconduct in billing and physician recruitment. The company, under new management, has been trying to restore investor confidence and wind up investigations of allegations it overcharged the federal Medicare health-insurance plan.

As part of a 2004 reorganization to cut costs, Tenet said it would divest 14 hospitals in Los Angeles County and keep four, including USC University Hospital. It also moved its headquarters to Texas.

Earlier this month it announced that Huntington Park’s Mission Hospital and Community Hospital had been acquired by a group that included doctors at the two hospitals. Tenet still is negotiating to divest its approximately 25 percent ownership in Encino-Tarzana Regional Medical Center, with one of the hospital’s other owners, hospital giant HCA Inc., considered the likely buyer.