Crain’s Headlines: Feds Don’t Buy Outcome Health Founder’s Claim

The feds say Outcome Health founder Rishi Shah has more money than he claims.

Shah, who’s accused of misleading and overbilling Outcome Health customers, says he can’t afford to pay for his legal defense unless the government unfreezes some of his assets.

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But court filings show he spent at least $1.5 million in the first 10 months of 2019. American Express charges include more than $100,000 on booze, $36,000 on yachting, and $32,000 at the Beverly Hills Hotel.

In other Chicago-area business news:

Banks continue to close branches in Evanston.

PNC Bank has closed its only branch in the northern suburb, after amassing just $28 million in deposits since acquiring the location in 2008.

Both JPMorgan Chase and BMO Harris, the two largest retail banks in the Chicago area, have also announced plans to close Evanston locations.

Once the closures are finalized, there will be 18 bank branches left in Evanston. That’s 10 fewer branches than the city had a decade ago.

Finally, McDonald’s and Starbucks customers may soon be drinking out of reusable cups with tracking technology.

Bloomberg reports that the new cups are the result of a two-year project led by Starbucks and Chicago-based McDonald’s.

The two chains alone blow through billions of paper cups a year. Most are coated with a plastic lining, which makes them nearly impossible to recycle.

Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.” 

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