Insurance

Insurance company shares plummet, losing billions

U.S. District Judge Reed O’Connor in Fort Worth, Texas, on Tuesday upheld the government’s downgrade of the quality rating of Humana’s Medicare Advantage plans, a decision that could cost the Louisville-based company billions in bonuses. A judge ruled that the Centers for Medicare and Medicaid Services (CMS) “properly evaluated” Humana’s performance based on federal standards, rejecting the company’s claims that the process was “arbitrary and capricious,” Reuters reported.

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