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Case ID: 4333 | Insurance | 07/06/2005
A U.S. District Court judge has granted class-action status in a lawsuit against three defendants in the Thaxton bankruptcy case.
Judge Robert Anderson approved the motion on June 8 in a suit filed by investors against Finova Capital Corp., accountants Cherry Bekaert and Holland, and the law firm of Moore and Van Allen. The suit alleges the defendants committed securities fraud that led to Thaxton's collapse. Thaxton, a Lancaster-based car-title lender and insurance company specializing in high-risk loans, filed for bankruptcy in October 2003. Thaxton owes more than $120 million to about 3,800 people who invested in its subordinate note program. Attorneys for Thaxton have said the investors shouldn't get class-action status because they stand to get back all of their losses in Delaware bankruptcy court. The lawsuit is scheduled to be heard in September, 2005. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Insurance Cases of Interest Medicare is a benefit that most Americans work a lifetime to receive. A class action has been filed against the U.S. Department of Health and Human Services and its secretary, Tommy Thompson, on behalf of Medicare beneficiaries in Suffolk, Nassau, Westchester and Rockland counties in New York who allege that disparities in Medicare+Choice coverage between New York City and its suburbs are the result of unconstitutionally unequal treatment. The action asks the court to make the government to pay back seniors in the four suburban counties for premiums they paid into the Medicare Plus Choice program since January 1, 2001. Federal law is often criticized as being overly complex, but that complexity only reflects the nature of our society. The class has been certified in an action filed against AXA Network, LLC, and the Equitable Life Assurance Society of America on behalf of all current, former, and retired Equitable agents who show (a) lost eligibility for benefits under any Equitable ERISA plan during any period on or after January 1, 1999, because of the application of the policy adopted by Equitable of using compliance with specified sales goals as the test of a "full time life insurance salesman" or (b) remain subject to losing such benefits in the future because of the potential application to them of that policy. "Reasonable and customary" provisions in healthcare policies often determine how much the insurer will pay on claims. The parties have reached a tentative $630,000 settlement in a class action against Educators Mutual Life Insurance Company on behalf of all persons who allege that. since September 1, 1998, the company reduced benefit payments for anesthesia services in violation of its contract with them. Companies that have allowed market timing trading have been in the news lately. Several class actions have been filed against global professional services firm Marsh & McLennan Companies, Inc. (NYSE: MMC) and certain of its officers and directors by stockholders who purchased the company's common stock between January 3, 2000, through November 3, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Numerous class actions have been filed against nonprofit hospitals in Illinois, Minnesota, Ohio, Texas, Georgia, Alabama, Florida and Tennessee, on behalf of uninsured patients who allege that the hospitals do not honor their promise of charity care as defined in their tax-exempt status. The suits claim that the hospitals are charging uninsured patients "sticker" price while insurance companies negotiate large discounts for the same services provided to those with medical coverage, violating the hospitals’ tax-exempt status. A class action suit filed in Baltimore alleges that CareFirst BlueCross BlueShield of Maryland has overcharged policyholders millions of dollars by jumping the gun on premium increases permitted by their health insurance policies. |
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