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WellPoint settles suit for $90 million
Updated: Friday, 15 Jun 2012, 8:28 PM EDT
Published : Friday, 15 Jun 2012, 8:28 PM EDT
INDIANAPOLIS (AP) - WellPoint Inc. says it has agreed to pay $90 million to settle a class action lawsuit brought on behalf of more than 700,000 former policyholders of subsidiary Anthem Insurance Companies Inc.
The settlement, if approved by U.S. District Judge Tanya Walton Pratt, will resolve a 2005 lawsuit by policyholders in Indiana, Ohio, Kentucky and Connecticut alleging Anthem did not pay the former mutual company members the fair value of their interests when Anthem converted from a mutual company to a stock company in 2001. The case was set for trial June 18 in Indianapolis.
WellPoint says Anthem's demutualization was one of the most heavily regulated transactions in Indiana history and that Anthem believes it acted in the best interests of its former members.
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