Health insurers agree to make payments and change certain practices alleged to limit competition
By: Anna Wilde Mathews
Aug 9, 2022
A federal judge approved Blue Cross Blue Shield companies’ settlement of a sweeping antitrust suit filed on behalf of their customers, with the insurers agreeing to pay $2.67 billion and change certain practices that allegedly limited competition.
It could be delayed, however, if an employer or policyholder appeals the judge’s approval. Employers or policyholders can only appeal if they objected to the settlement when it was under review by the judge, and only a few companies did so.
Among the most prominent was Home Depot Inc., which argued the settlement doesn’t go far enough in boosting competition among the Blue insurers. A spokeswoman for Home Depot declined to comment.
The settlement provides historic and substantial relief to the plaintiffs, Judge Proctor said, through “significant structural changes to Defendants’ practices that are to be closely monitored for compliance with both the antitrust laws” and the settlement’s terms.