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Consumer Watchdog
Blue Shield Settlement with Regulators Timed to Fend Off L.A. City Attorney's Lawsuit
August 3rd, 2008
Governor Schwarzenegger and regulators announced a company-friendly settlement with Blue Shield today on the heels of a new lawsuit filed by the Los Angeles City Attorney that could cost the company $1 billion for retroactively canceling policies when patients got sick. Today's settlement would let the company off the hook with a $5 million penalty. "The timing of the announcement is outrageous. The governor and regulators are obstructing justice by declaring the defendant 'not guilty' before the trial even begins," said Jerry Flanagan of Consumer Watchdog. "The governor said that he needs the legislature's help to stand up to the health insurance companies. But he...
Source: Pharma Investments, Ventures & Law Weekly (2008-08-03)
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