Blue Cross Pondered $10B Fee On Anthem-Cigna Merger
Law360 (March 7, 2019, 9:38 PM EST) -- Anxious Blue Cross companies flirted with raising member breakaway costs to as high as $10 billion as Blue member Anthem Inc. pursued a doomed, $54 billion merger with Cigna Corp. the group's president said Thursday during a Chancery Court trial on the two insurance giants' damage claims.
Blue Cross Blue Shield Association President Scott P. Serota said the never-approved Blue member "re-establishment" fee hike, considered in 2015 and 2016, reflected defensive concerns that an Anthem-Cigna hybrid would exit the association, shed its geographic franchise restrictions and take on the remaining Blues nationwide.
Instead, the Justice Department won a suit to block...
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