$2.67 Billion doesn’t even shake out to a payment for someone on one of these plans for more than 2/3 of the period covered by the settlement.
$2.67 Billion doesn’t even shake out to a payment for someone on one of these plans for more than 2/3 of the period covered by the settlement.
Blue cross settled with people they insured to pay for shady practices. The amount that (apparently) many of us were awarded was less than $5, so we - the insured - don’t get paid.
I’m sure you all overpaid by more than $5 and in the end this was still profitable for them, so they’ll probably just do it again and pay another settlement in 5-10 years, rinse and repeat.
Fuck capitalism.
Does the money go somewhere else or do they just keep it?
My guess would be the lawyers
The lawyers got $667 milllions of the $2.67 billion settlement. Another $100 million was spent on administration to who knows what. They’re maiIing cheques so postage might be a significant amount as well.
The average payout of the remaining $1.9 billion across 6 million recipients is $333, so someone will receive whatever larger amounts amounts to that average in consideration of almost everyone else who gets nothing.
My guess is that it works similar to a bankruptcy, where the largest creditors are paid first, but with significant reductions, and of those reductions are used to pay the next most and so on.