News Regarding BCBS Antitrust Settlement
You may have recently heard about or learned of a substantial legal settlement, $2.67 billion dollars, involving Blue Cross and Blue Shield Association (BCBS). You could receive solicitations from other insurance agents or from attorneys to assist for a portion of the settlement but all details are below.
The lawsuit involved a class action filed against BCBS and its member companies, alleging they violated certain anti-trust laws by entering into agreements with one another not to compete for health insurance and other customers, resulting in diminished competition and higher prices to corporate and individual consumers. BCBS has denied any wrongdoing. No decision was made by a Court regarding the Plaintiffs’ allegations or the defenses raised by BCBS; instead, the parties reached a voluntary settlement to avoid the costs and risks of continued litigation.
You may be affected by the settlement. The class members include individual employees as well as employers who sponsored health insurance plans that were (i) insured with BCBS at any time between February 7, 2008 and October 16, 2020, under fully insured plans, or (ii) covered by or enrolled in a self-funded plan any time between September 1, 2015 and October 16, 2020. We understand that eligible class members will be notified of their eligibility and potential benefits under the settlement by the class action representatives.
Additional details regarding the settlement procedures are still being worked out. We will continue to monitor the situation and update you with relevant information as we learn it; HOWEVER, YOU SHOULD CONSULT WITH YOUR COMPANY ATTORNEY REGARDING YOUR RIGHTS AND TO OBTAIN LEGAL ADVICE RELATED TO THE SETTLEMENT. WE ARE PROVIDING THIS FOR GENERAL INFORMATIONAL PURPOSES ONLY. WE ARE NOT PROVIDING ANY LEGAL ADVICE OR ANY SPECIFIC RECOMMENDATIONS. WE DO NOT, AND BY LAW CANNOT, PROVIDE LEGAL ADVICE.
To learn additional information you can visit Blue Cross Blue Shield Antitrust Settlement (bcbssettlement.com). We also understand that information regarding the claims filing process can be obtained by contacting the Plaintiffs’ attorney, Megan Jones, at firstname.lastname@example.org, or visiting the Plaintiffs’ law firm’s website at www.hausfeld.com. From that website, there is an available hyperlink that you can click on to fill out an inquiry form so that your law firm or the Plaintiff’s law firm can further assist you.