In Stop Illinois Health Care Fraud, LLC v. Sayeed, No. 12-CV-09306, 2021 WL 2331338 (N.D. Ill. June 8, 2021), an Illinois district court issued an order after a recent bench trial finding that the defendants violated the False Claims Act (FCA), Illinois False Claims Act (IFCA), and the Anti-Kickback Statute (AKS) when they paid a community care organization for access to the organization’s raw client data, and then used that data to solicit clients for Medicare reimbursed healthcare services. Although this arrangement consisted of no direct referrals, the district court – following the 7th Circuit’s instructions on remand – held that such arrangements constitute prohibited, indirect referrals under what the court called a “file access theory.” Under this theory, the district court found that AKS liability attached because the payments were intended as remuneration for access to records that leads to the solicitation of additional healthcare services. This case is important as it illustrates once again how broadly the government and courts define “referral” in the AKS context.

Hughes & Company has announced it has closed its first private equity fund, Hughes Growth Equity Fund I, at $116 million.

This figure exceeds the original target of $100 million.

Based in Chicago, Hughes & Company seeks control and minority equity investments exclusively in healthcare software and technology-enabled services companies, Founded in 2011, the firm has wide…

McGuireWoods has long been an avid supporter of the advancement of professional women. As part of our initiative seeking to expand the leadership of women in private equity, we are continuing our series of profiling women leaders in private equity. We are hopeful that this series will serve to inspire other women to pursue their…

Ballard v. NTB Financial Corporation was filed in the Arapahoe County District Court on July 7, 2021, claiming that Defendants conspired with Financial Visions, Inc. (“FV”) and its principal, Dan Rudden (“Rudden”), to induce investors into purchasing unregistered securities in violation of antifraud provisions of the Colorado Securities Act.

Plaintiffs are individuals and a business entity who invested in promissory notes sold by FV and Rudden. Defendants are NTB Financial Corporation (“NTB”), an investment firm based in Denver, Colorado, and George Louis McCaffrey III, a registered representative employed by NTB that is alleged to have advised certain clients to invest in the unregistered promissory notes.

Morrison, et al. v. Rockwell, et al. was filed in California Superior Court, Marin County, on May 28, 2021. The complaint seeks civil damages for claims of breach of fiduciary duty, multiple violations of the California Corporations Code, constructive fraud, breach of contract, and negligence.

Plaintiffs are a group of investors who used Defendants as investment advisors.  Defendants are a series of corporate entities, Dow Rockwell, LLC, Rockwell Retirement Partners, and Marin Wealth Management, LLC, an individual investment advisor, Rick Rockwell, and many unnamed defendants Plaintiffs believe may have been involved in aiding Defendants.

RiverGlade Capital has announced it completed three investments in the first half of 2021.

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New York City’s recently enacted biometric privacy law took effect July 9, 2021. While the law is vague as to exactly who must abide by certain subsections, it is undoubtedly consumer-focused. However, even if employers escape New York City’s biometric ordinance, a looming New York state law may soon impose more expansive biometric requirements on…

Bain Capital Private Equity has announced it will acquire PartsSource from Great Hill Partners.

PartsSource, based in Aurora, Ohio, is an online marketplace for medical equipment maintenance parts and services. Founded in 2001, the company states that it supports 3,000 member hospitals and more than 15,000 clinical sites.

Bain Capital Private Equity, based…

HealthEdge Investment Partners has announced it has invested in Today’s Dental Network

Today’s Dental Network (TDN) is a multi-specialty concierge dental practice network and support organization supporting clinical practices offering general dentistry, periodontics, orthodontics, oral surgery and a dental lab for permanent and removable fixtures through 17 locations serving Southwest Florida.

HealthEdge Investment Partners,…