In Sept. 2020, a settlement agreement was reached in the Blue Cross Blue Shield (Blue Cross) antitrust class-action lawsuit and recently the proposed settlement received preliminary approval. The proposed settlement requires Blue Cross to pay $2.67 billion to the affected class and institute reforms to enhance competition in the health insurance market.
Eligible employers and employees wishing to participate in this lawsuit should be on the lookout for notification from JND Legal Administration LLC, the group that will serve as the Notice and Claims Administrator for the settlement. Notice to all eligible class members of the benefits available to them is required by May 31, 2021.
The claims filing deadline for eligible employers and employees to participate in the class is Nov. 5, 2021. While final approval of the settlement is expected to be entered by Oct. 21, 2021, the exact timing for the approval and when payments will be made is still unknown.
Actions Steps for Employers
Our team at North Risk Partners will continue to monitor the situation and provide important updates as more information becomes available. In the meantime, stay on the lookout for notices regarding the lawsuit if you as an employer have potentially been affected along with your employees.
If you have questions related to this update, please contact your North Risk Partners advisor. Don’t have an advisor? No problem. We’ll help you find one.
This regulatory update is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.