1. 9. Chicago Board of Trade v. United States, 246 U.S. 231, 238 (1918).
2. 45. It could be argued that courts should defer to the Department of Health & Human Services (HHS), and find that any risk arrangement approved by HHS as part of the HMO qualification process is sufficient to shield the IPA from per se classification. 42 C.F.R. Part 10, subpart F. However, since IPAs associated with federally qualified HMOs often place the physicians at risk for 15 to 20 percent of their fees (similar to non-qualified HMOs), the persuasiveness of such an argument will depend upon further clarification by the courts of the type and magnitude of risk required to escape per se classifications, and a decision as to whether such federal approval will be interpreted as an implied exemption from antitrust liability.
3. 4. 15 U.S.C. §§1-7 (1976).
4. 22. United States v. Socony-Vacuum Oil Co., supra note 11, at 222.
5. 59. 233 F. Supp. at 954.