Financial stocks are moderately lower today with the NYSE
Financial Sector Index sliding about 0.2% and the S&P Financial
100 Index declining 0.3%.
In company news, Los Angeles County Superior Court has ruled in
Allstate Corp (
) is down 0.7% in late trade at $51.28 a share and a state judge in
California today awarding the insurance company $7.7 million in a
lawsuit over an alleged fraudulent billing scheme by unlicensed
medical and chiropractic personnel.
ALL had accused Maria Miranda, Frank Rivera and LA Healthcare
Management, Inc. of violating the state's Insurance Fraud
Protection Act by submitting more than 390 chiropractic claims to
the company that were falsely generated by unlicensed and untrained
personnel, or because the billed treatments did not reflect
patients' physical needs.
Los Angeles County Superior Court Judge William Fahey agreed,
ordering to pay Miranda and Rivera to pay $3.9 million in penalties
to ALL, plus another $3.8 million in assessments and fees.
In other sector news,
(-) FUR, Prices public offering of 2.75 million shares of its
common stock at $11.45 apiece. Proceeds will be used to fund future
acquisitions, including a possible deal for four luxury apartment
(-) JPM, CEO Jamie Dimon meets for about two hours with U.S.
Attorney General Eric Holder amid intensifying talks by the bank
for an $11-bln settlement to avoid potential criminal and civil
charges linked to mortgage-backed securities prior to 2008.
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