WellPoint To Pay $90M To Settle Anthem Policyholder Suit

Law360, New York (June 15, 2012, 8:05 PM EDT) -- WellPoint Inc. on Friday agreed to pay $90 million to settle an Indiana class action accusing subsidiary Anthem Insurance Cos. Inc. of failing to pay 740,000 of its former members the fair value of their interests when it converted into a shareholder-owned company in 2001.

The class claimed that when Anthem converted, or "demutualized," it negligently priced its initial public offering, which helped determine the price per share that would be paid out to policyholders, at about $36 per share — far below its actual worth....
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