Wellpoint Class Action

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Securities Exchange Act of 1934
Posted on: 04.23.2008.
The Securities Exchange Act of 1934 is a law governing what is and is not legal in the secondary trading of securities (stocks, bonds, and debentures). The Act, 48 Stat. 881 (June 6, 1934), codified at 15 U.S.C. § 78a et seq., was a sweeping piece of legisl...

Class Action Filed by Schiffrin Barroway Topaz & Kessler, LLP
Posted on: 04.23.2008.

RADNOR, Pa., 4/22/2008 -- The following statement was issued by the law firm of

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5.14.2007 Insurance fraud ends in a $1 million fine by the California Department of Managed Health C

San Francisco, CA: The state brought charges against Indianapolis-based WellPoint Inc.'s subsidiary in California, Blue Cross, alleging that the insurer retroactively canceled health insurance policies of more than 6,000 policyholders. For decades, insurers have canceled a small percentage of policies when they found mistakes or omissions on application forms completed by policyholders. Insurers defend the practice, called rescission, as a check against fraud. The class action suit ended in a settlement where Blue Cross pledged not to retroactively cancel coverage unless policyholders intentionally misrepresented information on their applications, and to make sharp changes in its practices. It was fined $1 million by the California Department of Managed Health Care.

5.14.2007