MSNJ Reaffirms Stay Of United Healthcare's Acquisition Of Oxford Health Plans

LAWRENCEVILLE, N.J., Aug. 4 /PRNewswire/ -- The Medical Society of New Jersey (MSNJ) maintains its position that a stay of the United Healthcare acquisition of Oxford Health Plans is in effect. MSNJ filed its lawsuit at 1:43 p.m. on Monday, August 2, 2004, in the Mercer County Superior Court. By filing the suit, the approval of the acquisition by the New Jersey Department of Banking and Insurance (DOBI) was stayed, as provided by New Jersey State statute N.J.S.A. 17:27A-12(b), which says, "[t]he filing of an appeal pursuant to this section shall stay the application of any... order...of the commissioner." MSNJ maintains that the acquisition requires the approval of the DOBI commissioner.

Not withstanding any ensuing responses by United HealthCare, the insurer has not legally challenged the stay. MSNJ will obtain a "trial de novo" - a new trial - whereby a Judge of the Superior Court of the State of New Jersey will decide whether to approve the acquisition.

CONTACT: Matthew Stanton, MBI GluckShaw, +1-973-735-0528, cell:+1-973-699-3115, for the Medical Society of New Jersey