Justice joins Columbia/HCA lawsuit

Article Abstract:

Columbia/HCA, the country's largest hospital chain, will be facing a tougher litigation battle now that the Justice Department has decided to join the lawsuit filed by James Alderson against the company. Alderson, a hospital administrator in Whitefish, MT, filed a lawsuit against the company and Quorom Health Group in 1993 over their alleged practice of filing false "cost reports" to Medicare and other government insurance programs to raise their reimbursements. According to Alderson's lawyer, Stephen Meagher, the Justice Department's move to join the suit strengthens the case that Columbia/HCA's billing practices are not as systematic and correct as the company claims it to be.

Comment:

Will be facing a tougher litigation battle now that Justice Dept has decided to join lawsuit filed by James Alderson against co

Legal issues & crime, General Medical and Surgical Hospitals, General Medical Hospitals, Hospitals, HCA Inc.

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Cendant restates earnings

Article Abstract:

Cendant, the marketing and franchising group involved in an accounting fraud scandal, restated its 1997 earnings to adjust for the accounting fraud and to satisfy a requisite of the Securities and Exchange Commission. The company was asked by the commission to change the way it posts revenue from its club memberships. As a result of the restated earnings, Cendant's $55 million gain for 1997, turned into a loss of $217 million, or 27 cents per diluted share. Cendant will submit the 1997 restated earnings to Florida insurance regulators, who will approve the company's deal to acquire American Bankers for $3.1 billion.

Comment:

Restates its 1997 earnings to adjust for the accounting fraud and to satisfy a requisite of Securities & Exchange Commission

Sales, profits & dividends, Process, Physical Distribution, and Logistics Consulting Services, Marketing Consulting Services, Avis Budget Group Inc.

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