From The New York Times, Sept 24, 2020:
The nation’s Blue Cross plans have reached a tentative $2.7 billion settlement in a federal lawsuit filed by their customers that accuses the group of engaging in a conspiracy to thwart competition among the individual companies, according to two people with knowledge of the discussions.
The settlement, which was first reported by The Wall Street Journal, would need to be agreed to by each of the three dozen Blue Cross insurers that make up the trade group, the Blue Cross Blue Shield Association. Judge R. David Proctor of the U.S. District Court for the Northern District of Alabama, who is overseeing the case in that state, also still needs to approve the proposed settlement.
It seems that the judge did indeed approve the settlement. I’v read elsewhere that the settlement was only $2.67 billion. This the culmination of litigation that started in 2012. Check the settlement website to see if you qualify for a piece of the pie. The lawyers are asking for 25%. From the settlement website:
Plaintiffs allege that Settling Defendants violated antitrust laws by entering into an agreement not to compete with each other and to limit competition among themselves in selling health insurance and administrative services for health insurance. Settling Defendants deny all allegations of wrongdoing and assert that their conduct results in lower healthcare costs and greater access to care for their customers. The Court has not decided who is right or wrong. Instead, Plaintiffs and Settling Defendants have agreed to a Settlement to avoid the risk and cost of further litigation.
Steve Parker, M.D.
PS: Keep yourself as healthy as possible so you don’t have to get mired in the medical-industrial complex. Let me help.