Legal News

Blue Cross’s Anti-Trust $2.67 Billion Settlement Approved By Judge

Blue Cross’s Anti-trust

Judge R. D. Proctor approved of Blue Cross Blue Shield companies’ antitrust settlements filed on the customers’ behalf. The Alabama Court that is in charge of the lawsuit has declared that the execution of payments is to begin within 30 days. Only an appeal from a policyholder or an employer can delay the process.

A total of thirty-four companies own the health plans by Blue Cross. 100 Million Americans are covered by their policies.

The insurers have agreed to pay a large amount agreeing to make efforts against antitrust practices that restrict competition. Home Depot. Inc. argued that the insurance amount was not enough to boost competition but the argument was soon rejected.

Judge R. D. Proctor held that the defendant’s actions are to be monitored to make sure they are abiding by antitrust guidelines and the clauses of the settlement. 

The lawsuit has managed to target an age-old practice going against antitrust laws where a few companies monopolize Blue Cross and Blue Shield territory-wise. 

The lawsuit states that the companies have deliberately avoided competing with one another to keep the prices high. 

The settlement states that the insurers are going to establish a limitation on the shares of each company’s national revenue from a source that is not under the Blue Cross or Sheild.

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