In recent news, it has been revealed that a secretive Wall Street fund, known for its bold and unconventional investment strategies, has managed to secure an impressive floating profit of 1 billion RMB by strategically positioning itself in the Chinese market. With China's economy rapidly evolving and presenting numerous investment opportunities, this fund's success has certainly caught the attention of both domestic and foreign investors alike.None
AP Trending SummaryBrief at 4:43 p.m. ESTWOONSOCKET, R.I. , Dec. 6, 2024 /PRNewswire/ -- CVS Health Corporation ("CVS Health", NYSE: CVS) announced today the Reference Yield and Total Consideration (as summarized in the table below) to be paid in connection with the previously announced cash tender offer (the "Any and All Tender Offer") for any and all of its 4.100% Senior Notes due 2025 (the "Any and All Notes"). The Reference Yield and Total Consideration for the Any and All Notes are summarized in the tables below: Any and All Notes : Title of Notes CUSIP Number Original Issuer Principal Amount Outstanding Maturity Date UST Reference Security Bloomberg Reference Page Fixed Spread (bps) Reference Yield Total Consideration (1) 4.100% Senior Notes due 2025 126650CW8 CVS Health Corporation $950,087,000 3/25/2025 3.875% due 3/31/2025 FIT3 +25 bps 4.434 % $998.22 (1) Per $1,000 principal amount of Any and All Notes validly tendered at or prior to the Any and All Expiration Date and accepted for purchase. The Any and All Tender Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase dated December 2, 2024 (as it may be amended or supplemented from time to time, the "Offer to Purchase"), which sets forth a more detailed description of the Any and All Tender Offer. Copies of the Offer to Purchase and the form of notice of guaranteed delivery with respect to the Any and All Notes ("Notice of Guaranteed Delivery") are available at www.dfking.com/cvs . The Any and All Tender Offer is open to all registered holders (individually, a "Holder" and collectively, the "Holders") of the Any and All Notes. The Total Consideration for each $1,000 principal amount of the Any and All Notes was determined in the manner described in the Offer to Purchase by reference to the fixed spread set forth in the table above plus the yield to maturity of the UST Reference Security set forth in the table above on the bid-side price of such UST Reference Security as of 11:00 a.m. , New York City time, on December 6, 2024 . Any and All Notes validly tendered and not validly withdrawn, or in respect of which a properly completed and duly executed Notice of Guaranteed Delivery is delivered pursuant to the guaranteed delivery procedures described in the Offer to Purchase (the "Guaranteed Delivery Procedures"), at or prior to 5:00 p.m. , New York City time, on December 6, 2024 (such date and time, as it may be extended, the "Any and All Expiration Date") (unless earlier terminated by CVS Health as described in the Offer to Purchase), that are accepted for purchase will receive the Total Consideration for the Any and All Notes. The settlement date for the Any and All Notes validly tendered at or prior to the Any and All Expiration Date, or validly tendered pursuant to the Guaranteed Delivery Procedures, and accepted for purchase is expected to be December 11, 2024 , the third business day following the Any and All Expiration Date (the "Any and All Settlement Date"). In addition to the Total Consideration for the Any and All Notes, Holders of the Any and All Notes accepted for purchase will receive accrued and unpaid interest ("Accrued Interest") on those Any and All Notes from the last interest payment date with respect to those Any and All Notes to, but not including, the Any and All Settlement Date. Holders who tender their Any and All Notes at or prior to 5:00 p.m. , New York City time, on December 6, 2024 (such date and time, as it may be extended, the "Any and All Withdrawal Deadline") may withdraw such tendered Any and All Notes at any time at or prior to the Any and All Withdrawal Deadline. Following the Any and All Withdrawal Deadline, Holders who have tendered their Any and All Notes may not withdraw such Any and All Notes unless CVS Health is required to extend withdrawal rights under applicable law. CVS Health expressly reserves the right, in its sole discretion, subject to applicable law, to amend, extend or terminate the Any and All Tender Offer at any time prior to the Any and All Expiration Date. The Any and All Tender Offer is not conditioned on any minimum principal amount of Any and All Notes being tendered but the Any and All Tender Offer is subject to a financing condition and certain other general conditions as described in the Offer to Purchase. CVS Health has retained Barclays Capital Inc. and Mizuho Securities USA LLC to act as Dealer Managers for the Tender Offers (as defined in the Offer to Purchase). D.F. King & Co., Inc. has been retained to act as the Tender and Information Agent for the Tender Offers. The Offer to Purchase and, in connection with the Any and All Notes, the Notice of Guaranteed Delivery may be accessed at the following link: http://www.dfking.com/cvs . Requests for assistance relating to the procedures for tendering Notes (as defined in the Offer to Purchase) may be directed to the Tender and Information Agent either by email at cvs@dfking.com , or by phone (212) 269-5550 (for banks and brokers only) or (800) 487-4870 (for all others toll free). Requests for assistance relating to the terms and conditions of the Tender Offers may be directed to Barclays Capital Inc. at (800) 438-3242 (toll free) or (212) 528-7581 (collect) or Mizuho Securities USA LLC at (866) 271-7403 (toll-free) or (212) 205-7741. Beneficial owners may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance. This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Tender Offers are being made solely pursuant to the Offer to Purchase made available to Holders of the Notes. None of CVS Health, the Dealer Managers, Tender and Information Agent or the trustees with respect to the Notes, or any of their respective affiliates, is making any recommendation as to whether or not Holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisers and make their own decisions whether to tender Notes in the Tender Offers, and, if so, the principal amount of Notes to tender. About CVS Health CVS Health is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of September 30, 2024 , the Company had more than 9,000 retail locations, more than 900 walk-in medical clinics, more than 225 primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members and expanding specialty pharmacy solutions, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The Company also serves an estimated more than 36 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company is creating new sources of value through its integrated model allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs. Forward-Looking Statements This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 , June 30, 2024 and September 30, 2024 and our Current Reports on Form 8-K. You are cautioned not to place undue reliance on CVS Health's forward-looking statements. CVS Health's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise. Investor Larry McGrath Media Ethan Slavin Contact: Executive Vice President Contact: 860-273-6095 Chief Strategy Officer & Ethan.Slavin@CVSHealth.com Chief Strategic Advisor to the CEO investorinfo@cvshealth.com View original content to download multimedia: https://www.prnewswire.com/news-releases/cvs-health-corporation-announces-pricing-of-any-and-all-tender-offer-302325192.html SOURCE CVS HealthThe announcement of the investigation sent shockwaves through the financial markets, triggering a massive sell-off of NVIDIA's shares and causing a sharp decline in its stock price. Investors and stakeholders were caught off guard by the news, leading to a significant erosion of market confidence in the company's future prospects.
Letter: Be thankful for Quad City Arts, Festival of TreesIn the fast-evolving landscape of technology and innovation, it often takes a groundbreaking idea to capture the attention of the masses. One such idea is the Pure Blood Hongmeng WeChat App, a cutting-edge application that promises to revolutionize the way we connect and communicate in the digital world. With the official version slated for launch next year, users can already get a taste of what's to come through the newly launched Early Access section, offering a testing version for eager early adopters.
Nantucket vs. Martha’s Vineyard, 5 (Fenway Park) Stoneham vs. Reading, 7:30 (Fenway Park) Brighton at Tech Boston, 1 Latin Academy vs. O’Bryant, 2 (West Roxbury) Central Catholic vs. Lawrence, 4 (Fenway Park) KIPP vs. Lynn Tech, 4 (Manning) Holbrook/Avon at South Shore, 5 Somerset Berkley at Central (RI), 5 Andover at North Andover, 6 Bishop Stang at Bishop Feehan, 6 Cambridge at Somerville, 6 East Boston at Chelsea, 6 Greater Lowell vs. Lowell Catholic, 6 (Chelmsford) Milford at Taunton, 6 Nashoba Tech at Monty Tech, 6 North Middlesex at Rockland, 6 Old Colony at Tri-County, 6 St. John’s (Shrewsbury) at Malden Catholic, 6 West Bridgewater at East Bridgewater, 6 Whittier at Greater Lawrence, 6 Bishop Fenwick at St. Mary’s, 6:30 Swampscott vs. Marblehead, 6:30 (Fenway Park) Acton-Boxboro at Westford Academy, 10 Amesbury at Newburyport, 10 Apponequet at Old Rochester, 10 Arlington at Waltham, 10 Ashland at Hopkinton, 10 Attleboro at North Attleboro, 10 Bellingham at Norton, 10 Beverly at Salem, 10 Billerica at Chelmsford, 10 BC High at Catholic Memorial, 10 Braintree at Milton, 10 Bridgewater-Raynham at Brockton, 10 Bristol-Plymouth at Blue Hills, 10 Brookline at Newton North, 10 Burlington at Bedford, 10 Cardinal Spellman at Archbishop Williams, 10 Carver at Middleboro, 10 Case at Atlantis Charter, 10 Concord-Carlisle at Lexington, 10 Danvers at Gloucester, 10 Dartmouth at Fairhaven, 10 Dighton-Rehoboth at Seekonk, 10 Dover-Sherborn at Medfield, 10 Duxbury at Marshfield, 10 English/New Mission vs. Boston Latin, 10 (Harvard) Falmouth at Barnstable, 10 Fitchburg at Leominster, 10 Framingham at Natick, 10 Franklin at King Philip, 10 Greater New Bedford at Diman, 10 Hamilton-Wenham at Ipswich, 10 Hingham at Scituate, 10 Hull at Cohasset, 10 Lincoln-Sudbury at Newton South, 10 Lowell at Haverhill, 10 Lynn Classical at Lynn English, 10 Manchester-Essex at Essex Tech, 10 Mansfield at Foxboro, 10 Masconomet at Northeast, 10 Mashpee at Sandwich, 10 Medford at Malden, 10 Medway at Millis, 10 Methuen at Dracut, 10 Minuteman at Keefe Tech, 10 Nauset at Dennis-Yarmouth, 10 North Quincy at Quincy, 10 Norwell at Hanover, 10 Norwood at Dedham, 10 Oliver Ames at Sharon, 10 Peabody at Saugus, 10 Pentucket at Triton, 10 Plymouth North at Plymouth South, 10 Revere at Winthrop, 10 St. John Paul at Monomoy, 10 Silver Lake at Pembroke, 10 Stoughton at Canton, 10 Upper Cape at Cape Cod Tech, 10 Wareham at Bourne, 10 Watertown at Belmont, 10 Wayland at Weston, 10 Wellesley at Needham, 10 Westwood at Holliston, 10 Weymouth at Walpole, 10 Whitman-Hanson at Abington, 10 Wilmington at Tewksbury, 10 Arlington Catholic at Shawsheen, 10:15 Durfee at New Bedford, 10:15 Wakefield at Melrose, 10:15 Woburn at Winchester, 10:15 Xaverian at St. John’s Prep, 10:15 Lynnfield at North Reading, 10:30 Billerica at Chelmsford, 10 BC High at Catholic Memorial, 10 Dartmouth at Fairhaven, 10 Duxbury at Marshfield, 10 English/New Mission vs. Boston Latin, 10 (Harvard) Fitchburg at Leominster, 10 Franklin at King Philip, 10 Hingham at Scituate, 10 Lynn Classical at Lynn English, 10 Mansfield at Foxboro, 10 Mashpee at Sandwich, 10 Medford at Malden, 10 Nauset at Dennis-Yarmouth, 10 North Quincy at Quincy, 10 Wellesley at Needham, 10 Weymouth at Walpole, 10 Wilmington at Tewksbury, 10 Xaverian at St. John’s Prep, 10:15 Lynnfield at North Reading, 10:30 DIVISION 1 – Thursday, Dec. 5 at Gillette No. 4 Needham (11-0) vs. No. 3 Xaverian (8-3), 5:30 DIVISION 2 – Thursday, Dec. 5 at Gillette No. 2 King Philip (11-0) vs. No. 1 Catholic Memorial (10-1), 8 DIVISION 3 – Friday, Dec. 6 at Gillette No. 3 Mansfield (8-3) vs. No. 4 North Attleboro (9-2), 8 DIVISION 4 – Thursday, Dece. 5 at Gillette No. 2 Scituate (11-0) vs. No. 1 Duxbury (10-1), 3 DIVISION 5 – Friday, Dec. 6 at Gillette No. 1 Shawsheen (11-0) vs. No. 3 Foxboro (8-3), 5:30 DIVISION 6 – Wednesday, Dec. 4 at Gillette No. 3 Fairhaven (10-1) vs. No. 1 Hudson (11-0), 8 DIVISION 7 – Wednesday, Dec. 4 at Gillette No. 1 Uxbridge (11-0) vs. No. 3 Mashpee (9-2), 5:30 DIVISION 8 – Friday, Dec. 6 at Gillette No. 1 Randolph (10-1) vs. No. 2 West Boylston (9-2), 3 VOCATIONAL BOWL PLAYOFFS LARGE SCHOOL FINAL – Wednesday, Dec. 4 No. 6 Whittier (8-3) at No. 1 Bay Path (10-1), TBA SMALL SCHOOL FINAL – Wednesday, Dec. 4 No. 4 Tri-County (7-3) at No. 3 Blue Hills (6-5), 6In a recent move by the government, a proposal has been put forth to stabilize the real estate and stock markets in an effort to boost market confidence. This strategic decision comes at a critical time when uncertainties and fluctuations have been observed in these sectors, prompting the need for intervention to ensure stability and sustainability in the market.
After drubbing, San Jose Sharks look for response in South FloridaHow to Watch the NBA Today, December 7
In a stunning turn of events, the United States has managed to shift the power dynamics in the Middle East, succeeding in a region where it has faced significant challenges in recent years. This unexpected reversal not only disrupts the prevalent global sentiment of anti-Americanism but also raises concerns about the implications for other sensitive geopolitical hotspots, such as the Taiwan Strait.As the celebrations unfold and the impact of the six first prize wins reverberates across the country, one thing is certain - the Grand Lotto remains a source of excitement, intrigue, and infinite possibilities. With each draw, new stories are written, new lives are transformed, and new dreams are born. The six winners stand as a testament to the power of luck, the thrill of the unknown, and the enduring magic of the Grand Lotto.
As open enrollment for Affordable Care Act plans continues through Jan. 15, you’re likely seeing fewer social media ads promising monthly cash cards worth hundreds, if not thousands, of dollars that you can use for groceries, medical bills, rent and other expenses. But don’t worry. You haven’t missed out on any windfalls. Clicking on one of those ads would not have provided you with a cash card — at least not worth hundreds or thousands. But you might have found yourself switched to a health insurance plan you did not authorize, unable to afford treatment for an unforeseen medical emergency, and owing thousands of dollars to the IRS, according to an ongoing lawsuit against companies and individuals who plaintiffs say masterminded the ads and alleged scams committed against millions of people who responded to them. The absence of those once-ubiquitous ads are likely a result of the federal government suspending access to the ACA marketplace for two companies that market health insurance out of South Florida offices, amid accusations they used “fraudulent” ads to lure customers and then switched their insurance plans and agents without their knowledge. In its suspension letter, the Centers for Medicare & Medicaid Services (CMS) cited “credible allegations of misconduct” in the agency’s decision to suspend the abilities of two companies — TrueCoverage (doing business as Inshura) and BenefitAlign — to transact information with the marketplace. CMS licenses and monitors agencies that use their own websites and information technology platforms to enroll health insurance customers in ACA plans offered in the federal marketplace. Suit names long list of defendants The alleged scheme affected millions of consumers, according to a lawsuit winding its way through U.S. District Court in Fort Lauderdale that seeks class-action status. An amended version of the suit, filed in August, increased the number of defendants from six to 12: — TrueCoverage LLC, an Albuquerque, New Mexico-based health insurance agency with large offices in Miami, Miramar and Deerfield Beach. TrueCoverage is a sub-tenant of the South Florida Sun Sentinel in a building leased by the newspaper in Deerfield Beach. — Enhance Health LLC, a Sunrise-based health insurance agency that the lawsuit says was founded by Matthew Herman, also named as a defendant, with a $150 million investment from hedge fund Bain Capital’s insurance division. Bain Capital Insurance Fund LP is also a defendant. — Speridian Technologies LLC, accused in the lawsuit of establishing two direct enrollment platforms that provided TrueCoverage and other agencies access to the ACA marketplace. — Benefitalign LLC, identified in the suit as one of the direct enrollment platforms created by Speridian. Like Speridian and TrueCoverage, the company is based in Albuquerque, New Mexico. — Number One Prospecting LLC, doing business as Minerva Marketing, based in Fort Lauderdale, and its founder, Brandon Bowsky, accused of developing the social media ads that drove customers — or “leads” — to the health insurance agencies. — Digital Media Solutions LLC, doing business as Protect Health, a Miami-based agency that the suit says bought Minerva’s “fraudulent” ads. In September, the company filed for Chapter 11 protection from creditors in United States Bankruptcy Court in Texas, which automatically suspended claims filed against the company. — Net Health Affiliates Inc., an Aventura-based agency the lawsuit says was associated with Enhance Health and like it, bought leads from Minerva. — Garish Panicker, identified in the lawsuit as half-owner of Speridian Global Holdings and day-to-day controller of companies under its umbrella, including TrueCoverage, Benefitalign and Speridian Technologies. — Matthew Goldfuss, accused by the suit of overseeing and directing TrueCoverage’s ACA enrollment efforts. All of the defendants have filed motions to dismiss the lawsuit. The motions deny the allegations and argue that the plaintiffs failed to properly state their claims and lack the standing to file the complaints. Defendants respond to requests for comment The Sun Sentinel sent requests for comment and lists of questions about the cases to four separate law firms representing separate groups of defendants. Three of the law firms — one representing Brandon Bowsky and Number One Prospecting LLC d/b/a Minerva Marketing, and two others representing Net Health Affiliates Inc. and Bain Capital Insurance Fund — did not respond to the requests. A representative of Enhance Health LLC and Matthew Herman, Olga M. Vieira of the Miami-based firm Quinn Emanuel Urquhart & Sullivan LLP, responded with a short message saying she was glad the newspaper knew a motion to dismiss the charges had been filed by the defendants. She also said that, “Enhance has denied all the allegations as reported previously in the media.” Catherine Riedel, a communications specialist representing TrueCoverage LLC, Benefitalign LLC, Speridian Technologies LLC, Girish Panicker and Matthew Goldfuss, issued the following statement: “TrueCoverage takes these allegations very seriously and is responding appropriately. While we cannot comment on ongoing litigation, we strongly believe that the allegations are baseless and without merit. “Compliance is our business. The TrueCoverage team records and reviews every call with a customer, including during Open Enrollment when roughly 500 agents handle nearly 30,000 calls a day. No customer is enrolled into any policy without a formal verbal consent given by the customer. If any customer calls in as a result of misleading content presented by third-party marketing vendors, agents are trained to correct such misinformation and action is taken against such third-party vendors.” Through Riedel, the defendants declined to answer follow-up questions, including whether the company remains in business, whether it continues to enroll Affordable Care Act clients, and whether it is still operating its New Mexico call center using another affiliated technology platform. Lawsuit: COVID relief package made ‘scheme’ possible The suspension notification from the Centers for Medicare and Medicaid Services letter cites several factors, including the histories of noncompliance and previous suspensions. The letter noted suspicion that TrueCoverage and Benefitalign were storing consumers’ personally identifiable information in databases located in India and possibly other overseas locations in violation of the centers’ rules. The letter also notes allegations against the companies in the pending lawsuit that “they engaged in a variety of illegal practices, including violations of the (Racketeer Influenced & Corrupt Organizations, or RICO Act), misuse of consumer (personal identifiable information) and insurance fraud.” The amended lawsuit filed in August names as plaintiffs five individuals who say their insurance plans were changed and two agencies who say they lost money when they were replaced as agents. The lawsuit accuses the defendants of 55 counts of wrongdoing, ranging from running ads offering thousands of dollars in cash that they knew would never be provided directly to consumers, switching millions of consumers into different insurance policies without their authorization, misstating their household incomes to make them eligible for $0 premium coverage, and “stealing” commissions by switching the agents listed in their accounts. TrueCoverage, Enhance Health, Protect Health, and some of their associates “engaged in hundreds of thousands of agent-of-record swaps to steal other agents’ commissions,” the suit states. “Using the Benefitalign and Inshura platforms, they created large spreadsheet lists of consumer names, dates of birth and zip codes.” They provided those spreadsheets to agents, it says, and instructed them to access platforms linked to the ACA marketplace and change the customers’ agents of record “without telling the client or providing informed consent.” “In doing so, they immediately captured the monthly commissions of agents ... who had originally worked with the consumers directly to sign them up,” the lawsuit asserts. TrueCoverage employees who complained about dealing with prospects who called looking for cash cards were routinely chided by supervisors who told them to be vague and keep making money, the suit says. When the Centers for Medicare and Medicaid Services began contacting the company in January about customer complaints, the suit says TrueCoverage enrollment supervisor Matthew Goldfuss sent an email instructing agents “do not respond.” How it started The lawsuit states the “scheme” was made possible in 2021 when Congress passed the American Rescue Plan Act in the wake of the COVID pandemic. The act made it possible for Americans with household incomes between 100% and 150% of the federal poverty level to pay zero in premiums and it enabled those consumers to enroll in ACA plans all year round, instead of during the three-month open enrollment period from November to January. Experienced health insurance brokers recognized the opportunity presented by the changes, the lawsuit says. More than 40 million Americans live within 100% and 150% of the federal poverty level, while only 15 million had ACA insurance at the time. The defendants developed or benefited from online ads, the lawsuit says, which falsely promised “hundreds and sometimes thousands of dollars per month in cash benefits such as subsidy cards to pay for common expenses like rent, groceries, and gas.” Consumers who clicked on the ads were brought to a landing page that asked a few qualifying questions, and if their answers suggested that they might qualify for a low-cost or no-cost plan, they were provided a phone number to a health insurance agency. There was a major problem with the plan, according to the lawsuit. “Customers believe they are being routed to someone who will send them a free cash card, not enroll them in health insurance.” By law, the federal government sends subsidies for ACA plans to insurance companies, and not to individual consumers. Scripts were developed requiring agents not to mention a cash card, and if a customer mentions a cash card, “be vague” and tell the caller that only the insurance carrier can provide that information, the lawsuit alleges. In September, the defendants filed a motion to dismiss the claims. In addition to denying the charges, they argued that the class plaintiffs lacked the standing to make the accusations and failed to demonstrate that they suffered harm. The motion also argued that the lawsuit’s accusations failed to meet requirements necessary to claim civil violations of the RICO Act. Miami-based attorney Jason Kellogg, representing the plaintiffs, said he doesn’t expect a ruling on the motion to dismiss the case for several months. The complaint also lists nearly 50 companies, not named as defendants, that it says fed business to TrueCoverage and Enhance Health. Known in the industry as “downlines,” most operate in office parks throughout South Florida, the lawsuit says. Complaints from former employees and clients The lawsuit quotes former TrueCoverage employees complaining about having to work with customers lured by false cash promises in the online ads. A former employee who worked in the company’s Deerfield Beach office was quoted in the lawsuit as saying that senior TrueCoverage and Speridian executives “knew that consumers were calling in response to the false advertisements promising cash cards and they pressured agents to use them to enroll consumers into ACA plans.” A former human resources manager for TrueCoverage said sales agents frequently complained “that they did not feel comfortable having to mislead consumers,” the lawsuit said. Over two dozen agents “came to me with these complaints and showed me the false advertisements that consumers who called in were showing them,” the lawsuit quoted the former manager as saying. For much of the time the companies operated, the ACA marketplace enabled agents to easily access customer accounts using their names and Social Security numbers, change their insurance plans and switch their agents of record without their knowledge or authorization, the lawsuit says. This resulted in customers’ original agents losing their commissions and many of the policyholders finding out they suddenly owed far more for health care services than their original plans had required, the suit states. It says that one of the co-plaintiffs’ health plans was changed at least 22 times without her consent. She first discovered that she had lost her original plan when she sought to renew a prescription for her heart condition and her doctor told her she did not have health insurance, the suit states. Another co-plaintiff’s policy was switched after her husband responded to one of the cash card advertisements, the lawsuit says. That couple’s insurance plan was switched multiple times after a TrueCoverage agent excluded the wife’s income from an application so the couple would qualify. Later, they received bills from the IRS for $4,300 to cover tax credits issued to pay for the plans. CMS barred TrueCoverage and BenefitAlign from accessing the ACA marketplace. It said it received more than 90,000 complaints about unauthorized plan switches and more than 183,500 complaints about unauthorized enrollments, but the agency did not attribute all of the complaints to activities by the two companies. In addition, CMS restricted all agents’ abilities to alter policyholders’ enrollment information, the lawsuit says. Now access is allowed only for agents that already represent policyholders or if the policyholder participates in a three-way call with an agent and a marketplace employee. Between June and October, the agency barred 850 agents and brokers from accessing the marketplace “for reasonable suspicion of fraudulent or abusive conduct related to unauthorized enrollments or unauthorized plan switches,” according to an October CMS news release . The changes resulted in a “dramatic and sustained drop” in unauthorized activity, including a nearly 70% decrease in plan changes associated with an agent or broker and a nearly 90% decrease in changes to agent or broker commission information, the release said. It added that while consumers were often unaware of such changes, the opportunity to make them provided “significant financial incentive for non-compliant agents and brokers.” But CMS’ restrictions might be having unintended consequences for law-abiding agents and brokers. A story published by Insurance News Net on Nov. 11 quoted the president of the Health Agents for America (HAFA) trade group as saying agents are being suspended by CMS after being flagged by a mysterious algorithm that no one can figure out. The story quotes HAFA president Ronnell Nolan as surmising, “maybe they wrote too many policies on the same day for people who have the same income or they’re writing too many policies on people of a certain occupation.” Nolan continued, “We have members who have thousands of ACA clients. They can’t update or renew their clients. So those consumers have lost access to their professional agent, which is simply unfair.” Ron Hurtibise covers business and consumer issues for the South Florida Sun Sentinel. He can be reached by phone at 954-356-4071, on Twitter @ronhurtibise or by email at rhurtibise@sunsentinel.com.The company's aggressive approach to asset divestitures has attracted both praise and criticism from industry analysts and stakeholders. While some view the company's actions as a necessary and proactive step to revitalize its business, others question the long-term sustainability of its strategy and the potential impact on its overall competitiveness in the market.
Title: New Trends in China's Housing Rental Market in 2024