West Virginia (CNN)—A class-action lawsuit involving roughly 6 million Blue Cross Blue Shield (BCBS) customers will soon result in a payout.
The health insurance giant has agreed to pay $2.67 billion to those impacted when the company allegedly broke antitrust laws.
The lawsuit states that over 35 BCBS health insurance plans agreed not to compete with one another to limit competition in the health insurance market.
In a 2013 lawsuit, BCBS was accused of limiting market competition, causing higher premiums and fewer options for policyholders.
While the suit has been settled, Blue Cross Blue Shield has denied wrongdoing.
To be eligible for the payout, participants must have filed claims by November 5, 2021.
Individual payment amounts depend on the number of valid claims filed, paid premiums to one or more defendants during one of two class periods, and whether insurance is fully insured or self-funded.
BCBS says claim notices are being emailed to customers on a “rolling basis”.
Visit bcbssettlement.com for more information.
