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this post was submitted on 26 May 2025
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A Boring Dystopia
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Here is an excerpt of the CNBC article about it:
The Medium post's headline is not entirely false but its framing is sensationalist clickbait and misleads the reader: "BlackRock is Suing UnitedHealth for Giving “Too Much Care” to Patients After the CEO was Murdered" gives the incorrect impression that this lawsuit is demanding UnitedHealth go back to providing less care, but in fact the lawsuit appears to condemn their "anti-consumer tactics" while seeking damages from their "materially false and misleading" statement to investors in January.
The Medium article also lists only BlackRock as the plaintiff, when in fact it is a class action suit which presumably will include many far more sympathetic class members such as pension funds etc.
This is an excellently written comment, thank you!
I'm going to have to argue a bit here because you're describing the legal case correctly, but the legal case is not the same as the reality.
Healthcare investors are fully aware that they profit over denying claims. That is their business model. They make money by denying claims. They are invested in profiting by denying as many claims as possible. Sure, publicly they will condemn "anti-consumer tactics", but at the same time they're lining their own pockets with the profits of those tactics.
The "misleading" statement by Healthcare United was that the profit would continue to be the same. Because claims would be denied at the same rate. Why was the statement misleading? Because claims were not denied at the same rate, more claims were paid out than before.
The medium article is sensationalized, but it's also reading between the lines of the lawsuit. The investors are not stupid. The investors know full well that you cannot maintain the same profit if you raise your expenses. Profit = revenue - expense. Denying fewer claims raised the expenses. To be mad that profit didn't stay the same, they are actually mad that claim denials did not stay at the same rate.
I guarantee you this lawsuit is not about improving healthcare and getting ordinary people the care they need. This is just another game of rich people making money.
As far as I can tell, this is the legal document associated with the lawsuit: https://storage.courtlistener.com/recap/gov.uscourts.nysd.642027/gov.uscourts.nysd.642027.1.0.pdf
The most significant component of this claim is not the lawsuit itself (examples of frivolous lawsuits are common), but that BlackRock is the one suing. BlackRock doing this is the important and remarkable claim here.
I see no obvious connection between Roberto Faller and BlackRock. To me this looks like a frivolous lawsuit issued by a random inconsequential individual. So, then, framing it as BlackRock suing is blatant misinformation.
I could be missing something here, perhaps there is indeed a BlackRock connection that I was unable to identify. But that Medium article is certainly not explaining the connection. The CBS article does not mention BlackRock.
If there is no connection to BlackRock, then adding "BlackRock" to the title is not click-bait! It is a blatant lie.