Blue Cross Blue Shield Reaches Tentative $2.7B Antitrust Settlement

Blue Cross Blue Shield has reached a tentative $2.7 billion antitrust settlement to resolve claims that the insurance group’s member companies conspired to limit competition and boost prices for policyholders, a person familiar with the matter said on Thursday.

The settlement has been approved by the Blue Cross Blue Shield Association but still requires approval by its 36 member companies, such as Anthem Inc and Empire Blue Cross Blue Shield in New York.

It would also require approval by U.S. District Judge David Proctor in Birmingham, Alabama, who has overseen related nationwide litigation since 2013.

In a statement, the Blue Cross Blue Shield Association declined to comment, while saying it remained committed to improving the health of its members and local communities.