Pharma Investments, Ventures & Law Weekly
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Blue Cross Blue Shield of Michigan
Blue Cross Blue Shield of Michigan Responds to Attorney General's Complaint, Says Transaction Was Legal and Fully Authorized
July 20th, 2008
The Michigan Attorney General announced on July 2 he was filing a lawsuit against Blue Cross Blue Shield of Michigan challenging a capital transaction between BCBSM and Accident Fund. The Attorney General has taken the position that BCBSM is not authorized by Public Act 350 to do the transaction. We strongly disagree and, in fact, Accident Fund obtained prior regulatory approval for the transaction. BCBSM will be litigating the civil matter in state circuit court. BCBSM owns and operates subsidiaries, including Accident Fund. Our subsidiaries are a stabilizing influence on BCBSM health insurance rates for our more than 4.6 million members. Our...
Source: Pharma Investments, Ventures & Law Weekly (2008-07-20)
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