Health Insurance Co. Settles Investors' Scam Suit For $11M

Law360 (December 3, 2020, 10:12 PM EST) -- Investors of Tampa-based health insurance company Health Insurance Innovations urged a Florida federal judge on Thursday to sign off on an $11 million class settlement to end claims that the company led a "bait-and-switch scam" that caused its stock to drop 62% when it came to light.

The class, which was certified in August, asked for the court's approval of the $11 million cash settlement with Health Insurance Innovations Inc., now known as Benefytt Technologies Inc., to end the suit over what plaintiffs called "blatant consumer fraud."

The plaintiffs said the settlement represents an "excellent result."

"While lead plaintiffs believe they...

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