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Company could owe $4.7 million over insurance fraud claims
Getty Images/iStockphoto A purported health care cost-sharing company, which was once deemed “ruthless in denying coverage” by “Last Week Tonight’s” John Oliver, has lost a $4.7 million lawsuit in Lexington federal court. The Aliera Companies, which created and marketed “fraudulent” health care coverage, has lost a class-action lawsuit resulting in a nearly $4.7 million judgment. A judge in a Lexington federal court ruled against the company earlier this month after the company’s representatives failed to appear in court multiple times, according to records. Senior U.S. District Judge Joseph M. Hood declared that the company should have been subjected to Kentucky
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Sky high home prices may push Fannie Mae and Freddie Mac to back loans of nearly $1 million
But higher prices are expected to push the limits of conforming loans to what experts anticipate may be record increases in 2022, with the maximum loan limit at nearly $1 million for high-cost areas. The expected increases were reported by the Wall Street Journal Tuesday, and industry publications have been forecasting the changes, too. Mortgages above the “conforming” loan limits imposed by federal mortgage giants Fannie Mae and Freddie Mac are considered “non-conforming” or “jumbo” mortgages, and typically come with higher interest rates. The increase is great news for homebuyers, especially those in high-cost areas who were being pushed into
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Insurance company fighting payment of $62 million judgment against TEH Realty affiliates
An insurer for affiliates of a former Kansas City-area landlord has asked a federal judge to say the insurance company should not have to pay any part of a $62 million judgment. That historic judgment entered in Jackson County court last year cited unsafe living conditions in apartments owned and managed by an affiliate of TEH Realty.The North American Capacity Insurance company filed an amended federal lawsuit earlier this week. The suit asks a judge to confirm it rescinded coverage of four insurance policies for affiliates of TEH Realty, citing the affiliates’ failure to notify the insurance company of apartment
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Someone took out a $1.4 million loan with an NFT as collateral
A loan has been issued for $1.4 million using the crypto platform NFTfi. The terms of the deal are 30 days at 9.69% APR. And the collateral? Well, it’s an NFT. As The Block has reported recently, NFTs are starting to be used as collateral when taking out loans. It works like any other kind of collateralized loan. If you don’t repay the loan, the other party takes your collateral, in this case the NFT. It’s a set-up that worked well for one lender. They lent out 3.5 ETH (worth $7,350 at the time) and when it wasn’t repaid, they
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Kraft will pay $62 million to settle SEC accounting probe
The SEC announced the formal charges and the settlement on Friday after a long-running regulatory investigation that Kraft disclosed in 2019. The company will pay $62 million as part of the settlement. The agency alleges that from the last quarter of 2015 to the end of 2018, Kraft “engaged in various types of accounting misconduct” — including faking supplier contracts to get discounts that the company hadn’t earned — to ultimately make their financials look better to analysts and investors. Two individuals, Kraft’s former chief operating officer Eduardo Pelleissone and former chief procurement officer Klaus Hofmann, were also personally charged
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Financial study boosts Jamestown’s $72.5 million theme park, Bison World
The financial forecast was conducted by Eide Bailly under contract with the Jamestown/Stutsman Development Corp. “Nearly all of the projected financial benefits will flow back to the state as Legacy Fund earnings or taxes into the general fund if the investment is made from the state’s $8.7 billion Legacy Fund,” wrote Connie Ova, CEO of the JSDC in a press release that accompanied the Eide Bailly report. The Bison World project calls for the construction of a bison-themed cultural and entertainment park adjacent to Interstate 94 on land currently owned by the state of North Dakota through the North Dakota
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Delaware Insurance Companies Fined 1.3 Million Dollars For Denying Mental Health Claims
DOVER, DE- Health insurance companies in Delaware Monday were hit with 1.3 million dollars in fines for refusing coverage on mental health drugs and services. The fine came on the 31st anniversary of the Americans With Disabilities Act, which ensured disabled people in the US would not receive poorer quality of life care and service as a result of their disability. The fines were part of a nearly two-year-long Delaware Department of Insurance market conduct investigation intocomplaints from policyholders who reported their insurance for unequal coverage of mental health medication and services. “We knew these violations were occurring
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US Virgin Islands Selects ICF for $9 Million Workforce Development Contract | State
FAIRFAX, Va., July 19, 2021 /PRNewswire/ — The Government of the U.S. Virgin Islands Department of Labor recently awarded global consulting and digital services provider ICF (NASDAQ:ICFI) a new $9 million contract to implement a new workforce development program to train local workers to support the territory’s recovery from hurricanes Irma and Maria. The contract has a term of two years. The Community Development Block Grant Disaster Recovery (CDBG-DR) funded program, entitled Skills for Today, will train low-to-moderate income individuals in occupations that will support recovery efforts and help spur economic development on the islands. ICF will serve as
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