SelectQuote Shareholders Sue Executives Over DOJ Kickback Suit

SelectQuote Inc. executives and board members reaped $177 million off insider sales while concealing the company received kickbacks for pushing health insurers’ Medicare Advantage plans, a pair of shareholder lawsuits said.

On May 1 of last year, the US Department of Justice publicized a False Claims Act complaint against SelectQuote and other health insurance companies and brokers for this alleged practice while touting a private version of the government’s health insurance for seniors and people with certain disabilities. At close on the day of the announcement, the insurance broker’s share price had plunged more than 19% to $2.56, according to ...