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Justice Dept. Sues to Block $13 Billion Deal by UnitedHealth Group

by 198 Vietnam News
February 24, 2022
in VIETNAM TECHNOLOGY NEWS
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WASHINGTON — The Justice Division on Thursday sued to dam a $13 billion acquisition of a well being know-how firm by a subsidiary of UnitedHealth Group, within the newest transfer by the Biden administration to clamp down on company consolidation.

The company argued {that a} deal by UnitedHealth to purchase the well being tech agency Change Healthcare would give UnitedHealth delicate information that it might wield towards its rivals within the insurance coverage enterprise. The go well with was filed within the U.S. District Court docket for the District of Columbia.

A spokeswoman for Optum, the UnitedHealth subsidiary, stated in an announcement that the Justice Division’s “deeply flawed place relies on extremely speculative theories that don’t replicate the realities of the well being care system,” and added that the corporate would “defend our case vigorously.” Change Healthcare declined to remark.

The deal is the newest transaction to run into opposition from the Biden administration, which has made countering company consolidation a central a part of its financial agenda. President Biden signed an government order final yr to spur competitors in numerous industries. He additionally appointed Lina Khan, a outstanding critic of the tech giants, to steer the Federal Commerce Fee, and Jonathan Kanter, a lawyer who has represented giant firms, as chief of antitrust efforts on the Justice Division.

Since then, the F.T.C. has blocked Lockheed Martin from shopping for a maker of missile propulsion methods and the chip large Nvidia from buying the design agency Arm. Even earlier than Mr. Kanter was confirmed, the Justice Division sued to dam the merger of two main insurance coverage brokers; the acquisition of Simon & Schuster by the writer Penguin Random Home; and a deal that will have married a few of JetBlue’s operations with American Airways’s.

The lawsuit on Thursday challenges a deal made by Optum, which stated final yr that it might purchase Change Healthcare, an organization that gives know-how providers to insurers. UnitedHealth is without doubt one of the largest well being firms within the nation, with $287.6 billion in income in 2021. Along with its well being care data know-how enterprise, its Optum unit owns doctor practices, a big chain of surgical procedure facilities and one of many nation’s largest pharmacy profit managers.

On the middle of the Justice Division’s lawsuit is the info that Change Healthcare gathers when it helps course of insurance coverage claims. The Justice Division argued that the deal would allow UnitedHealth to see the principles that its rivals use to course of claims and undercut them. UnitedHealth might additionally crunch information about sufferers at different insurers to achieve a aggressive benefit, the company stated.

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Feb. 24, 2022, 11:24 a.m. ET

The lawsuit additionally argued that UnitedHealth might withhold Change Healthcare’s merchandise — that are utilized by different insurers — from its rivals or save a few of its new improvements for itself. The Justice Division added that the deal would give UnitedHealth a monopoly over a sort of service that’s used to display insurance coverage claims for errors and pace up processing.

The businesses have stated that the acquisition will enhance effectivity within the trade. In addition they explored promoting the a part of Change Healthcare that the Justice Division stated would give UnitedHealth a brand new monopoly.

Lawmakers and regulators have more and more nervous that huge companies might use troves of knowledge to harm their rivals. A congressional committee has investigated whether or not Amazon makes use of information from outdoors retailers who use its platform to develop competing merchandise, for instance. Critics of Fb have additionally argued that the corporate having years of person information makes it troublesome for an upstart service to problem its dominance.

Since Mr. Kanter joined the antitrust division on the Justice Division, critics have stated that he mustn’t oversee circumstances towards firms whose rivals he represented whereas in personal apply. In response to a monetary disclosure kind he filed final yr, he as soon as represented Cigna, a significant insurer that competes with UnitedHealth, and the distant well being care firm Teladoc.

Mr. Kanter has not participated within the lawsuit towards UnitedHealth, one of many folks with data of the Justice Division’s case stated.

Reed Abelson contributed reporting.

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