The Blue Cross Blue Shield insurance group has negotiated a tentative settlement in a sweeping antitrust suit filed on behalf of customers, according to people with knowledge of the matter, in a deal that would require a payout of around $2.7 billion and curtail practices that allegedly limited competition among its three dozen member-companies. The Blue Cross Blue Shield Association has signed off on the agreement, but it hasn’t been approved by the boards of all 36 Blue Cross Blue Shield insurers. Among the major Blue Cross Blue Shield companies are Anthem Inc. and Health Care Service Corp. That process can be lengthy, and any settlement would be implemented only after the judge signs off on it. It will significantly increase competition in the health insurance market, and provide individuals and companies who purchase health insurance with more choices and lower prices.”

Source: Wall Street Journal September 24, 2020 17:10 UTC