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Specialty Insurer Defeats Class Action

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A U.S. District Court judge in New York has dismissed a securities class action suit filed against Universal American Financial Corp.

Universal American, Rye Brook, N.Y., says the court dismissed the suit, Kemp vs. Universal American Financial Corp et al., with prejudice, meaning that the plaintiffs do not have court permission to refile the suit.

The plaintiffs sued Universal American, a company that sells insurance to older Americans and administers other companies’ insurance programs for older Americans, in 2005, after Universal American announced disappointing Medicare supplement insurance claims results.