Millions of Americans are set to receive compensation following a $2.67 billion settlement reached by Blue Cross Blue Shield (BCBS) in response to claims of anticompetitive business practices.
The settlement, which has been years in the making, stems from a class-action lawsuit that accused BCBS of restricting competition among its independent health insurance companies and artificially inflating premiums.
Background of the Case
Blue Cross Blue Shield is not a single insurance company but rather a network of independent insurers operating in designated regions across the U.S. For example, Highmark serves customers in Pennsylvania, West Virginia, Delaware, and parts of Ohio and New York.
The antitrust lawsuit, initially filed in 2013, named more than 35 different BCBS insurers and alleged that they colluded to divide markets rather than compete, ultimately leading to higher prices for policyholders.
While BCBS denied any wrongdoing, the organization agreed to the multi-billion-dollar settlement to avoid the expense and uncertainty of continued litigation.
Who is Eligible for Payment?
Class members eligible for compensation include those who were covered by BCBS health insurance plans or administrative services plans between February 2008 and October 2020.
Approximately six million people filed claims by the November 2021 deadline. Each successful claimant is expected to receive an average payout of $333.
When Will Payments Be Sent?
More than two years after the settlement was finalized in court, payments are finally being processed.
Class members are currently receiving claim determination notices via email in a phased rollout, though BCBS has not confirmed when all notices will be sent.
Also Read – Last Chance: Claim Your Part of $1.025M Banking Settlement with No Proof Required
The finalization of these payments follows the U.S. Supreme Court’s rejection of an appeal from a class member, David Behenna, who argued that the $667 million allocated for attorneys’ fees was excessive. Another legal challenge, raised by Home Depot’s legal team, objected to the settlement’s broad scope, claiming it might prevent future lawsuits against BCBS. However, the Supreme Court has since closed all remaining appeals.
Other BCBS Settlements
This isn’t the only legal battle BCBS has faced. In 2023, the health insurance organization agreed to pay $2.8 billion to hospitals, physicians, and healthcare providers following a separate class-action lawsuit.
That case, which was filed in 2012, accused BCBS insurers of engaging in anticompetitive behavior that suppressed reimbursement rates for healthcare providers while simultaneously driving up costs for policyholders.
Other Settlements You Might Qualify For
Beyond the BCBS case, individuals may be eligible for compensation from other settlements, including:
- A $21 million data breach lawsuit offering up to $6,000 per claimant. Only one document is required to apply.
- A $1.025 million banking settlement, with no proof of purchase required to receive a payout.
With deadlines approaching, now is the time to check whether you qualify for these settlements.
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