Cobalt Corporation: Wisconsin Supreme Court Rules in Favor of Blue Cross & Blue Shield United of Wisconsin Conversion; High Court Ruling Ends Legal Challenge.Business Editors MADISON, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--March 21, 2002 Cobalt Corporation announced today that the Supreme Court of Wisconsin denied the petition for review filed by two consumer groups challenging the approval of the conversion of Blue Cross & Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. United of Wisconsin (BCBSUW) and the creation of a public health foundation. This decision officially ends all legal challenges involving the conversion. The Wisconsin United for Health Foundation was created after Blue Cross & Blue Shield United of Wisconsin merged with United Wisconsin Services, Inc. in March 2001. Thomas R. Hefty, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cobalt Corporation, the parent corporation of Blue Cross, said the ruling was an important one for Wisconsin. "We are very pleased by this ruling," Hefty said. "The highest court in the state has now ruled in favor of the conversion of Blue Cross & Blue Shield United of Wisconsin and creation of the foundation established as part of the agreement with the Wisconsin Commissioner of Insurance. We hope that the foundation can soon undertake its mission to improve public health in Wisconsin." Under the order of the Wisconsin Commissioner of Insurance approving the conversion, the foundation received 31.3 million shares of Cobalt Corporation stock. The proceeds from the sale of the stock will be split equally between the Medical College of Wisconsin and the University of Wisconsin Medical School for improvements in public health. The consumer groups sued to overturn the Commission's order approving the conversion. Both the trial court and the Wisconsin Court of Appeals The Wisconsin Court of Appeals is the intermediate appellate court in the state of Wisconsin, above the Wisconsin Circuit Courts but below the Wisconsin Supreme Court. The court of appeals was created in 1977 to assist the Wisconsin court system handle the rising number of ruled in favor of the BCBSUW conversion. The groups then petitioned for review to the Wisconsin Supreme Court The Wisconsin Supreme Court is the highest appellate court in the state of Wisconsin. The Supreme Court has jurisdiction over original actions, appeals from lower courts, and regulation or administration of the practice of law in Wisconsin. . Cobalt Corporation is the Blue Cross and Blue Shield licensee for the state of Wisconsin. It is one of the leading, publicly traded health care companies in the nation, offering a diverse portfolio of complementary insurance and managed care products to employer, individual, insurer and government customers. Headquartered in Milwaukee and formed by the combination of Blue Cross & Blue Shield United of Wisconsin and United Wisconsin Services, Inc., Cobalt Corporation (NYSE NYSE See: New York Stock Exchange : CBZ CBZ Carbamazepine CBZ Carbobenzoxy CBZ Centrale Burgerlijke Ziekeninrichting (Dutch) ) serves 2.9 million lives in 50 states. For more information, visit our Web site at www.cobaltcorporation.com. |
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