Key insights
- A $2.67 billion settlement against Blue Cross Blue Shield for alleged antitrust violations will begin payouts next month to eligible claimants covered between 2008 and 2020. While a large sum, the impact on US equities is slightly negative due to potential implications for the healthcare insurance sector and increased regulatory scrutiny.
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Those who made a claim for a piece of the $2.67 billion settlement to a class action lawsuit brought against Blue Cross Blue Shield will start to get payments soon.
Payments from the settlement will be sent out starting next month, according to the settlement's website, as the court has resolved all outstanding appeals and is currently reviewing claims.
After legal and administrative fees, about $1.9 billion of the settlement funds will be used to pay out claims. If you're among those getting a payment, how much you receive could depend on a few factors, including whether or not your insurance plan was fully insured or self-funded. Claims worth less than $5 will not lead to a payout, according to the settlement's site.
If you were covered by certain Blue Cross Blue Shield health insurance plans between 2008 and 2020, and filed a claim by Nov. 2021, you could get a payout as soon as next month.
The settlement stems from a lawsuit that alleged Blue Cross Blue Shield violated antitrust law by suppressing competition, leading to higher costs for members of its insurance plans. The sides agreed to the settlement in Oct. 2020, with Blue Cross Blue Shield maintaining that it did not commit any wrongdoing.
The deadline to file a claim was Nov. 2021, with people who were covered by certain Blue Cross Blue Shield plans between Feb. 2008 and Oct. 2020 eligible to make claims. A court filing states that about 6 million eligible class members filed for claims ahead of the deadline.
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