A health insurance company that insures many New Yorkers just agreed to a $2.8 billion settlement.

Blue Cross Blue Shield will pay $2.8 billion to settle multiple antitrust claims.

Blue Cross Blue Shield Agrees To $2.8 Billion Settlement

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The settlement is the largest settlement of its kind in the healthcare industry.

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The settlement resolves a class action lawsuit made by hospital systems, physicians and other health providers.

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Blue Cross Blue Shield and 33 of its independent companies agreed to pay nearly $3 billion over the claims by hospital systems and healthcare providers, who say they were underpaid for reimbursements.

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In a statement, obtained by Reuters, Blue Cross Blue Shield denied the allegations made in the settlement.

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The company agreed to the settlement and confirmed making significant operational changes, including how it processes insurance claims, to "put years of litigation behind us."

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