Holders Of Canopy's Health Savings Accounts Sue
A class action lawsuit has been filed in federal court in East St. Louis against Amcore Financial, a bank that allegedly held $17 million in Health Savings Accounts that were managed by Canopy Financial's software. The suit was filed on December 15, four days after peHUB reported that Canopy had sent a letter to account holders saying it had reason to believe that former executives were skimming money from the accounts. The accounts -- which are now frozen because of a dispute over how much should be in them -- are a way for employers to let their employees set aside money for medical bills and get a tax break for doing so. However, plaintiff Susan Patton claims that "several millions of dollars" of the money has been misappropriated and that she and the other account holders -- over 1,000 people -- have no access to what's left. (UPDATE: In a statement, Amcore says it is "not a custodian of any health savings accounts, and accordingly we believe claimant's allegations are without merit. Amcore will vigorously defend itself against this claim.")
