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twitterLV insurer sues over Texas acquisition problems
Friday, Nov. 10, 2000 | 11:11 a.m.
Sierra Health Services Inc. of Las Vegas is suing Kaiser Foundation Health Plan Inc., alleging the health maintenance organization inflated the value of the Dallas health business it sold to Sierra for $122 million in 1998.
The Dallas Morning News reported Sierra is suing Oakland, Calif.-based Kaiser in state court in Oakland over its purchase of the money-losing Texas Health Choice business.
Sierra alleges Kaiser misrepresented the number of health plan members in the Dallas-Fort Worth area and inflated the value of its real estate assets in North Texas, the Morning News reported.
"When we sold our operations in Texas, it was no secret to anyone that it was a losing operation and that's why we divested ourselves and sold it," responded Kaiser spokeswoman Beverly Hayon, the Morning News reported.
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