The Blue Cross Blue Shield insurance group reached a tentative deal to settle an antitrust suit for around $2.7 billion, people familiar with the matter said
The Blue Cross Blue Shield insurance group has negotiated a tentative settlement in a sweeping antitrust suit filed on behalf of customers, according to people with knowledge of the matter, in a deal that would require a payout of around $2.7 billion and curtail practices that allegedly limited competition among its three dozen member-companies.
The settlement isn’t final, according to these people. The Blue Cross Blue Shield Association has signed off on the agreement, but it hasn’t been approved by the boards of all 36 Blue Cross Blue Shield insurers. Among the major Blue Cross Blue Shield companies are Anthem Inc. and Health Care Service Corp.
The settlement has yet to receive approval from U.S. District Judge R. David Proctor, in Birmingham, Ala., who is presiding over the case. That process can be lengthy, and any settlement would be implemented only after the judge signs off on it. In a statement, the Blue Cross Blue Shield Association said, “we can assure you that Blue Cross and Blue Shield companies will remain committed to improving the health of our members, our customers, and our local communities.”
David Boies, a lead attorney for the plaintiffs, said, “There is no settlement until terms have been approved by the parties and the court” but added that the reported terms “would be a very good result for the parties and the public. It will significantly increase competition in the health insurance market, and provide individuals and companies who purchase health insurance with more choices and lower prices.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | Draft Guidelines for Covid-19 Vaccine Authorization Require Strict ReviewU.S. health regulators drafted guidelines that would set rigorous standards and make it difficult for a Covid-19 vaccine to be authorized for emergency use before Election Day, people familiar with the matter said
Read more »
WSJ News Exclusive | United Wholesale Mortgage to Go Public Via Merger With Gores SPACThe biggest wholesale mortgage originator in the U.S. is merging with a special-purpose acquisition company in a deal that will take the lender public at a valuation north of $16 billion.
Read more »
WSJ News Exclusive | DOJ to Seek Congressional Curbs on Immunity for Internet CompaniesThe Justice Department will submit a proposal to Congress to curb longstanding legal protections for internet companies like Facebook, Alphabet’s Google and Twitter, a senior department official said.
Read more »
WSJ News Exclusive | Nikola’s Talks With Major Energy Firms Stalled Following Short-Seller ReportThe electric-truck maker has held talks with BP and other energy firms in hopes of striking a deal on hydrogen-refueling stations. Short seller Hindenburg Research alleged in a report that Nikola has misled investors.
Read more »
WSJ News Exclusive | WeWork Sells Majority Stake in China Business, Cutting CostsThe real-estate operator is selling control of its business in China, the latest sign it is abandoning its former rapid-growth approach and looking to reduce risk.
Read more »
Nikola talks with BP fell through after short-seller accusations: WSJ - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »