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BCBS Settlement: Millions to Get Cash Payouts
7 May
Summary
- BCBS will distribute $1.9 billion from a class-action settlement.
- Millions of eligible individuals and businesses will receive payments.
- Payments are set to begin in May for those who filed claims by 2021.
Blue Cross Blue Shield (BCBS) is preparing to distribute settlement funds to millions of Americans. These payments stem from a $2.67 billion class-action settlement originating from a 2013 antitrust lawsuit. Eligible individuals and businesses who submitted claims by the November 5, 2021 deadline can expect to receive their portions starting in May.
The lawsuit alleged that approximately 35 BCBS plans violated antitrust laws by dividing geographic markets and limiting competition, which plaintiffs claimed led to higher premiums and fewer coverage options. BCBS has denied these allegations, agreeing to the settlement without admitting liability, and no verdict was reached in the case.
The total settlement fund amounts to $2.67 billion, with approximately $1.9 billion remaining for distribution after legal fees and administrative costs. Around six million claims have been filed. While the exact payment amount varies based on coverage length and premiums paid, an even distribution would average between $300 and $333 per claimant.
