DAILY UPDATE: BC/BS Anti-Trust Lawsuit as Stock Markets Close Mixed

Posted on February 12, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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Blue Cross Blue Shield will soon begin paying out $2.67 billion to customers follow a years-long lawsuit alleging that the health insurance giant broke antitrust laws. The litigation began in 2013, when a class-action lawsuit was filed against more than 35 Blue Cross Blue Shield health insurance plans. The lawsuit claims the company broke antitrust laws by limiting market competition, resulting in increased premiums and reduced options for customers.

CITE: https://tinyurl.com/2h47urt5

US stocks closed mixed on Tuesday as investors assessed more tariff policy shifts from President Donald Trump and looked ahead to upcoming inflation data.

Traders also digested the start of Federal Chair Jerome Powell’s two-day testimony in Congress. In his opening remarks, Powell told lawmakers the Fed is not in a rush to adjust interest rates and reiterated the central bank’s stance of not commenting on trade policy.

The Dow Jones Industrial Average (^DJI) edged around 0.3% higher, while the benchmark S&P 500 (^GSPC) closed just above the flatline. The tech-heavy NASDAQ Composite (^IXIC) pulled back about 0.4%.

CITE: https://tinyurl.com/tj8smmes

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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DAILY UPDATE: UnitedHealthcare Settlement, CFPB and Pharmaceutical Company Checks

Posted on February 3, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“

A Partner of the Institute of Medical Business Advisors , Inc.

http://www.MedicalBusinessAdvisors.com

SPONSORED BY: Marcinko & Associates, Inc.

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UnitedHealthcare has agreed to a $2.5 million settlement in response to a class action lawsuit accusing the company of making unauthorized telemarketing calls. More than 12,000 individuals may be entitled to compensation, with payouts ranging from $350 to $1,000 per person, depending on how many claims are filed.

The lawsuit, filed under the Telephone Consumer Protection Act (TCPA), alleges that UnitedHealthcare placed calls to individuals without their consent between January 9, 2015, and January 9th, 2019. If you received these calls, you could be eligible for a cash settlement—but you must act before April 15th, 2025.

CITE: https://tinyurl.com/2h47urt5

PALM BEACH, Fla. (AP) — President Donald Trump has fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest purge of a Biden administration holdover. Chopra was one of the more important regulators from the previous Democratic administration who was still on the job since Trump took office on Jan. 20th.

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A 2020 STAT analysis found more than two-thirds of Congress receiving a check from pharmaceutical companies that year. More recent data from Open Secrets likewise confirms that a large majority of leaders serving in the U.S. Congress and Senate receive significant contributions from pharmaceutical or health products companies, averaging $45,000 and $47,000 for Republicans and Democrats in the House of Representatives, respectively — and $50,000 and $69,000 for Republicans and Democrats in the Senate.

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The META Class Action Lawsuit Settlement

Posted on January 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Meta will pay real money to settle data privacy claims

The company has agreed to pay Facebook users in the US $725 million to resolve a lawsuit stemming from that time it gave political consulting firm Cambridge Analytica access to data from ~87 million users during the 2016 election.

The settlement, which the plaintiffs say may be the largest deal in a US privacy class action ever, still needs a judge’s approval before anyone gets cash, though.

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ORDER: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

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FTX: Celebrities Named in Lawsuit

Posted on December 28, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

SUSPICIOUS AFFINITY MARKETING?

By Staff Reporters

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DEFINITION: Affinity marketing is a concept that consists of a partnership between a company and an organization that gathers persons sharing the same interests to bring a greater consumer base to their service, product or opinion. This partnership is known as an affinity group.

CITE: https://www.r2library.com/Resource/Title/082610254

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So, after the collapse of Sam Bankman-Fried’s crypto exchange FTX, a number of celebs who had acted as ambassadors for the company were named as defendants in a class-action suit against it.

Comedian and Seinfeld creator Larry David, Tampa Bay Buccaneers quarterback Tom Brady, and basketball stars Shaquille O’Neal and Stephen Curry were likely trading lawyer recommendations in the A-lister group chat.

Beware celebrity and affinity marketing!

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AMA Joins Class-Action Suit Against CIGNA

Posted on September 18, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Paige Minemyer

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The AMA and 2 State Medical Societies Join Class-Action Suit Against CIGNA

The American Medical Association (AMA) has joined a class-action lawsuit against Cigna, alleging the insurer underpaid for claims filed by providers in the contracted MultiPlan network. MultiPlan is the country’s largest third-party network, and Cigna contracts with it to access providers. According to the lawsuit, which was initially filed in June, Cigna reimbursed for claims from providers in MultiPlan’s network at its non-participating providers rate rather than at the rate expected for a MultiPlan contract.

As such, the insurer “significantly underpaid claims, and put patients at risk of balance billing,” the plaintiffs claim. “It also breached its fiduciary duties, including its duty to honor written plan terms and its duty of loyalty, because its conduct serves Cigna’s own economic self-interest and elevates Cigna’s interests above the interests of plan member patients,” according to the lawsuit.

Paige Minemyer, Fierce Healthcare [9/13/22]

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Stockholder Suit Targets Troubled Mental Health Chain

Posted on September 27, 2009 by Dr. David Edward Marcinko MBA MEd CMP™

Psychiatric Solutions, Inc

By Robin Fields, ProPublica – September 22, 2009 5:01 pm EDTCaduceus

Psychiatric Solutions Inc. the nation’s leading provider of inpatient mental health care is being sued by stockholders who claim the company issued “false and misleading statements” about troubles at one of its hospitals.

The Lawsuit

The lawsuit, filed Monday in U.S. District Court in Tennessee, alleges that PSI violated securities laws by downplaying problems at Riveredge Hospital near Chicago and waiting too long to tell shareholders how they had affected the company’s bottom line.

The Investigations

Investigations last year by the Chicago Tribune and ProPublica detailed violence, sexual abuse and neglect at PSI facilities from coast to coast, including Riveredge. In several instances, PSI facilities were cited for not reporting patient deaths and injuries as required, federal and state records showed. In response to the reports, the Justice Department opened an investigation and the Illinois Department of Children and Family Services froze admissions of foster children to Riveredge.

The Allegations

The lawsuit alleges that PSI’s statements – particularly those indicating the admissions hold would end soon and that other regulatory deficiencies had been fixed – inflated the company’s stock price, helping company leaders reap millions from insider sales. In early 2009, PSI announced that its 2008 results had fallen short of estimates. Its share price dropped about 35 percent on the news.

Assessment

Through a spokesman, PSI called the lawsuit “wholly without merit.” “We have at all times operated, and will continue to operate in full compliance with the rules and regulations of the Securities and Exchange Commission,” John Van Mol said in a written statement.

Note: Robin Fields is a reporter for the ProPublica news service, which first published this article.

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