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A state judge in Manhattan has continued the temporary restraining order that froze $417 million in proceeds from WellChoice Inc.'s initial public offering. A lawsuit brought by Consumers Union and WellChoice policyholders challenges the constitutionality of a New York statute passed in January that allows Blue Cross companies such as WellChoice to convert to for-profit status and give two state funds control of the company's shares.
December 03, 2002 at 12:00 AM
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The original version of this story was published on Law.Com
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