Friday P.M. Report

St. Jude Medical, hospitals pay $4M in kickback settlement: St. Jude Medical and a pair of hospitals in Ohio and Kentucky have paid the United States nearly $4 million to resolve fraud allegations, the U.S. Justice Department announced today. The government alleged that Little Canada-based St. Jude paid illegal kickbacks to  Parma Community General Hospital in Parma, Ohio, and Norton Healthcare in Louisville, Ky., to secure heart-device business, which led to false claims being submitted to federal health care programs. Read full story

Minnesota High Tech Association CEO leaving for UnitedHealth: The Minnesota High Tech Association announced today that President and CEO Kate Rubin is leaving the organization for a job at UnitedHealth Group. Rubin, who has led the association for nearly nine years, has accepted a position as vice president of social responsibility for Minnetonka-based United Health and executive director of the United Health Foundation. Read full story

Fed increases oversight of Northeast Bank holding company: The Federal Reserve has increased its oversight of Northeast Bank’s holding company, months after regulators tightened oversight of the bank itself. The Fed’s written agreement, released earlier this week, involves Minneapolis-based Northeast Securities Corp. It puts limits on payment of dividends, pay increases for corporate insiders, taking out additional debt and stock redemptions. Read full story

Wells Fargo wins deal with American Medical Association: Two Wells Fargo & Co. business units will become the preferred providers of medical practice and equipment financing for members of the American Medical Association. Matsco, Wells Fargo’s medical-practice finance group in Emeryville, Calif., and Wells Fargo Financial Leasing of Des Moines, Iowa, will provide funding for practice acquisition, start-up and expansion; commercial real estate and medical-equipment leasing. Read full story

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