BCBS Insurers Reach $2.67B Antitrust Deal In Alabama
By Jeff Montgomery (October 31, 2020, 5:34 PM EDT) -- The nation's Blue Cross Blue Shield insurers tentatively agreed late Friday to a $2.67 billion class settlement fund and sweeping anti-competitive practice reforms to settle a long-running multidistrict suit based in Alabama federal court that was filed by dozens of subscriber groups.
A memorandum in support of the deal filed by attorneys for subscribers in the Northern District of Alabama described the deal as "historic," with far-reaching competitive benefits.
"The proposed settlement secures substantial injunctive relief that will reshape competition in the health insurance industry and offer increased choice to millions of Americans, coupled with one of the largest monetary recoveries...
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