Matrix Medical Wins Antitrust Appeal Over $160 Million Merger

Matrix Medical Network and its private equity backers secured their exit from antitrust litigation over their acquisition of a rival health insurance risk adjuster, when a federal appeals court in Atlanta upheld a ruling throwing out the case.

The U.S. Court of Appeals for the Eleventh Circuit affirmed a decision by Judge Paul G. Byron, who ruled last year that the lawsuit—which accused Matrix of deliberately running startup HealthFair into the ground after acquiring it—didn’t present any antitrust issues.

The suit, filed in December 2020, also targeted Matrix’s corporate parents: affiliates of Frazier Healthcare Partners and ModivCare Inc.—the former Providence ...