Reports: Blues plans agree to tentative $2.7B settlement in antitrust suit

Blues plans have reportedly agreed to a $2.7 billion antitrust settlement.

The Blue Cross and Blue Shield Association agreed to the settlement in a 2012 class action suit that alleged Blues plans conspired to split up geographic regions to avoid competing with one another directly, leading to higher prices for members and employers, The Wall Street Journal reported.

The deal has not been finalized, WSJ reported, and the process to do so could prove lengthy. While BCBSA has signed off, according to the article, its member plans have not, nor have the plaintiffs or the judge presiding over the case.

Other elements of the settlement include a provision that would allow certain national employers to seek a bid from a second Blues plan, setting the two up to compete against each other.

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Analysts say that if the deal goes through, it could prove beneficial to Anthem in particular in the long run. SVB Leerink experts wrote in a note on the reported settlement that while large settlement payments are far from ideal, provisions to boost competition nationally would be a boon for a payer of Anthem's size.

It could also drive customer relationships to its recently-launched pharmacy benefit manager, IngenioRx, the analysts said.

SVBLeerink's analysts expect that Anthem's portion of the settlement, if finalized, could be between $575 million and $760 million.