TimesLeader.com

September 30
In brief

Blue Cross ranked highly

Blue Cross of Northeastern Pennsylvania has been ranked second among health insurance plans in Pennsylvania and Delaware for customer satisfaction in the J.D. Power and Associates 2008 National Health Insurance Plan Study. The study measured member satisfaction among 107 health plans in 17 regions throughout the United States. Factors examined included coverage and benefits, choice of doctors, hospitals and pharmacies, information and communication, approval processes, claims processing, insurance statements and customer service.

Highmark Blue Cross and Blue Shield ranked highest in the region and in the nation overall.

Biggest Chevy dealer fails

The nation’s largest Chevrolet dealer filed for bankruptcy protection against a “perfect storm” of woes including soaring gasoline prices, declining demand for big vehicles and the nationwide credit crunch.

Bill Heard Enterprises Inc., the Georgia-based firm which operated in seven states before it shut down last week, said its 14 dealerships were losing from $2 million to $5 million a month because of a drop in sales coupled with a lack of available credit.

The company posted revenue of about $2.5 billion a year at its peak, but it said it began to lose money starting in mid-2007.

Cephalon fined $425M

Laurie Magid, acting U.S. Attorney in Philadelphia, said Monday that Cephalon Inc. will pay $425 million to settle allegations of off-label marketing of three of the company’s drugs.

Cephalon, of Frazer, agreed in principle in November to the payment to settle both criminal and civil charges.

The federal charges allege that, between January 2001 and at least 2006, Cephalon promoted the drugs Actiq, Gabitril and Provigil for uses other than those approved by the Food and Drug Administration.

Fannie, Freddie probed

Mortgage finance giants Fannie Mac and Freddie Mac said Monday a federal grand jury in New York is investigating accounting, disclosure and corporate governance issues at the firms.

Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.

The government investigation focuses on activities starting in 2007, Freddie Mac said in a statement.