Investors Seek Class Cert. In Health Insurance Scam Suit

Law360 (May 22, 2020, 4:35 PM EDT) -- Investors of a Tampa-based health insurance company alleging it led a "bait-and-switch scam" that caused its stock to drop 62% when it came to light asked a Florida federal judge Thursday to certify the proposed class action.

Lead plaintiffs Oklahoma Municipal Retirement Fund and City of Birmingham Retirement and Relief System say Health Insurance Innovations Inc., now known as Benefytt Technologies Inc., told investors its third-party call centers "had impeccable compliance and customer service records" when in fact the company and call center operator Simple Health "had for years directed and choreographed a blatant consumer fraud."

When the activity was revealed...

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