Latest news with #Kentucky-based
Mint
5 days ago
- Business
- Mint
Humana Falls After Losing Bid to Reverse Medicare Bonus Cuts
(Bloomberg) -- Humana Inc. shares fell after it lost a lawsuit seeking to reverse cuts to its Medicare bonus payments, a blow for the insurer that had hoped the court would restore billions in revenue. A Texas judge ruled in favor of a government motion to dismiss the case, allowing a downgrade of Humana's Medicare quality ratings that's set to squeeze the company's profits in 2026. Humana shares dropped as much as 7.5% before paring losses. The judge called Humana's federal court claim 'premature' because the company hadn't exhausted all the administrative procedures over the decision. The lawsuit was dismissed 'without prejudice,' which means Humana could file the court case again. 'Plaintiffs can seek review, just not until the end of the administrative appeal process,' the judge wrote. In April, the insurer lost an administrative appeal with the Centers for Medicare and Medicare Services. In a court filing that month, the company argued that the administrative decision should invalidate one of the government's arguments for dismissing the suit. US District Court Judge Reed O'Connor disagreed. While he acknowledged the administrative appeal was over, he wrote that 'when filed, this action was premature,' and the court could not rule on the merits. That decision could pave the way for the company to quickly challenge the ratings in a fresh lawsuit. Humana will explore its legal options, including 'either an appeal of today's order or a refiling of the lawsuit,' a spokesperson said in an email. CMS didn't immediately respond to a request for comment. Other insurer stocks fell Friday, with Elevance Health Inc. declining as much as 7.6%. Molina Healthcare Inc. shares fell as much as 5.6%. They'd already been under pressure due to challenges in government insurance programs from Medicare to Medicaid and the Affordable Care Act markets. The decision is a defeat for the insurance giant in a high-stakes legal gambit to challenge unfavorable results on its Medicare quality scores. A win would have almost doubled Humana's 2026 profit, Barclays analysts wrote in April, to $27.74 a share. Humana filed the lawsuit in October to challenge how the US Medicare program calculated the quality ratings, known as stars, for Humana's plans. The company suffered a surprise downgrade in its star ratings in October that sent shares plunging. The ratings are meant to reflect how well Medicare health plans take care of patients and how they perform on customer service, like handling complaints and service calls. High star ratings drive billions of dollars in Medicare bonus payments to private insurers. The program paid $11.8 billion in bonuses in 2024, including $2.5 billion to Humana, according to health research group KFF. More than any large health insurer, Louisville, Kentucky-based Humana is focused on Medicare Advantage, the private version of the US health program for seniors. Profit in that business is heavily linked to performing well on annual quality ratings. The company previously had about 94% of members in highly rated plans that pay bonuses, but that slipped to about 25% in the most recent assessment. In its October lawsuit, Humana argued that the Centers for Medicare and Medicaid Services erred in how it calculated the company's star ratings, and asked the court to throw out the negative scores. --With assistance from Steve Stroth. (Adds company comment in sixth paragraph.) More stories like this are available on
Malaysian Reserve
5 days ago
- Business
- Malaysian Reserve
Hilb Group Expands into Kentucky, Grows Market Presence
RICHMOND, Va., July 18, 2025 /PRNewswire/ — The Hilb Group announced today that it has acquired a Kentucky-based multi-line insurance agency. The acquisition took effect July 1, 2025, expanding upon the company's range of services and offerings throughout the Midwest and Central regions, and adding Kentucky as a new state to the company's growing portfolio. About Hilb Group: The Hilb Group is a leading property and casualty and employee benefits insurance brokerage and advisory firm headquartered in Richmond, Virginia. Hilb Group is a portfolio company of The Carlyle Group, a global investment firm. Hilb Group seeks to grow through strategic acquisitions and by leveraging its resources and expertise to drive organic growth in its acquired agencies. The company has completed more than 190 acquisitions with over 125 offices in 32 states. Hilb Group is rated as one of the Fastest Growing Brokers by Business Insurance, a Top P/C Agency by Insurance Journal, and one of America's Fastest Growing Private Companies in the Inc. 5000. For more information on Hilb Group's growth as well as career opportunities, please visit our website at Media Contact:Peter Lobred 804.548.4629 plobred@ M&A Contact: Ryan Havermann 804.414.6508rhavermann@
San Francisco Chronicle
16-07-2025
- Business
- San Francisco Chronicle
Community Trust Bancorp: Q2 Earnings Snapshot
PIKEVILLE, Ky. (AP) — PIKEVILLE, Ky. (AP) — Community Trust Bancorp Inc. (CTBI) on Wednesday reported net income of $24.9 million in its second quarter. The Pikeville, Kentucky-based bank said it had earnings of $1.38 per share. The bank holding company for Community Trust Bank posted revenue of $101.7 million in the period. Its revenue net of interest expense was $70.2 million, surpassing Street forecasts.
Newsweek
16-07-2025
- General
- Newsweek
Heartbreak As Shelter Throws Adoption Event for Dog, but No One Turns Up
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. It was meant to be his big day, but instead Flash the lurcher was left celebrating his ninth birthday in a shelter, after over 1,070 days waiting. "He is a wonderful lad," Judith Haw from the U.K.'s Dogs Trust told Newsweek. "Staff held a 'Flash Day' to try and generate some interest in him and for people to have the chance to see him outside of a kennel. He is a wonderful lad so the team wanted to show any potential adopters how lovely, playful a lad he is. He enjoyed his day being spoiled by staff but sadly no-one attended to meet Flash." Over two years ago, Flash found himself at the shelter in Darlington, England, when circumstances changed for his previous owner, but he is now one of 12 lurcher dogs currently being overlooked by potential owners. Despite his charm and playfulness, he's been passed over time and again. Flash enjoyed a wonderful 9th birthday, spoilt by staff and enjoying presents, party playtimes and birthday snuggles, but as it is now his third birthday spent in kennels, the team wants to ensure he turns 10 with his forever family. Pictures of Flash the dog who is still waiting for a forever home. Pictures of Flash the dog who is still waiting for a forever home. Dog's Trust In 2024, approximately 7 million animals entered U.S. shelters and rescues, according to Shelter Animals Count—an increase of nearly 3 percent from 2023. By the end of the year, 103,000 more pets had entered shelters than had exited, contributing to an ongoing capacity crisis in U.S. shelters. This sadly isn't the first time a dog has been ignored at an adoption event. Earlier this year, Kentucky-based animal shelter Animal Care Society (ACS) shared how Cali the dog was ignored at an adoption event. While another dog was "invisible" to adopters until the shelter came up with a solution, putting a note on her kennel. Amazingly, it worked, and Katerina was adopted. The good news is that Flash has recently received some interest, being favorited a number of times on the website. But he is still waiting to find a home. "He isn't reserved so is therefore still available for adoption. We very much hope he will meet 'The One' very soon," Haw said. "He has [also] received presents from our Amazon Wishlist from admirers which has been really kind and lovely for Flash. Our hopes are that he will meet his perfect match, and all the amazing PR will lead to him finding his forever family very soon," she added. Do you have funny and adorable videos or pictures of your pet you want to share? Send them to life@ with some details about your best friend, and they could appear in our Pet of the Week lineup.
Yahoo
10-07-2025
- Business
- Yahoo
Court denies open banking briefs
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. A federal judge has denied motions from five organizations that had sought to file amicus briefs in the legal battle between banks and financial technology companies over the Consumer Financial Protection Bureau's open banking rule. The Financial Data and Technology Association of North America, along with four other groups, asked District Judge Danny Reeves for permission Monday to file its brief supporting the Financial Technology Association's June 29 motion for summary judgment backing the rule. Three nonprofits — Consumer Reports, the Financial Health Network and SaverLife — had also requested permission to file briefs supporting the FTA's position. Reeves, who sits in Lexington, Kentucky, said Tuesday that additional information from FDATA isn't necessary and wouldn't help him 'in resolving doubtful legal issues in the case.' Reeves also denied a brief from Public Citizen, a public advocacy organization, saying that the FTA had covered its same arguments. The rule stems from Section 1033 of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, and was enacted after years of deliberations. The Bank Policy Institute, which represents most of the big U.S. banks, and the Kentucky Bankers Association brought the lawsuit against the CFPB last October, along with Kentucky-based Forcht Bank, immediately after the rule was finalized the same month. In May, Reeves allowed the FTA, which represents fintech players such as Block, Intuit and Stripe, to intervene in the case to defend its members' interests. The bureau, which shifted its position on the rule after the installation of new leaders by the Trump administration, filed a brief urging Reeves to void the rule. In their joint filing last week, Consumer Reports, FHN and SaverLife said they 'approach the issues in this case through a somewhat different lens than any of the parties' because all three 'seek to advance financial inclusion and consumers' financial well-being.' FDATA represents about 30 fintechs such as the processor Fiserv and software firm Plaid, according to its website. The association's brief, which it posted online, argues that the CFPB's final rule from October 2024, under the prior Biden administration, hewed closely to the language Congress adopted in the 2010 law. 'We stand firm in our view that when Congress enacted Section 1033, it clearly intended for consumers to have the right to securely share their financial data with third parties of their choice — and that perspective remains central to deploying open banking in the United States,' FDATA Executive Director Steve Boms said Tuesday by email, replying to a request for comment on the judge's decision. Like the FTA's argument, FDATA said that lawmakers were clear in their language in Section 1033 about letting consumers empower their own authorized representatives to gain access to financial information. Open banking supporters say Congress sought to inject competition into the financial services industry via the law, allowing fintech startups to compete with banks and credit unions. 'The pinched view of Section 1033 pressed by the Plaintiffs and the CFPB cannot be reconciled with the statute or any sound view of statutory purpose,' FDATA said in its brief. 'Why would Congress have enacted a mandate, with the CFPB empowered to issue rules, that achieved nothing beyond the sort of individual-consumer access to account information that was already universally available at the time of enactment?' The Trump administration has dramatically reduced the CFPB's mission and staffing under Acting Director Russell Vought, who is also the director of the Office of Management and Budget. In its proposed brief, Public Citizen said the bureau's effort to win summary judgment against itself 'appears to be a procedural innovation unprecedented in the annals of federal law.' 'Amicus has been unable to find any other instance of such a motion, and the agency's litigation posture raises serious concerns about its compliance with the fundamental requirements of the Administrative Procedure Act,' the nonprofit organization said in its brief, which was filed Monday in the court docket. The agency is 'attempting to repeal the rule without undertaking the steps required by the APA,' according to Public Citizen, 'and to insulate its decision to do so from subsequent judicial review.' That legal effort represents 'procedural gamesmanship' and should be sufficient reason for Reeves to deny the bureau's motion for summary judgment, according to the brief. Recommended Reading Open banking to survive Trump, fintechs say
