WellPoint agrees to settle class action suit for $90 million

The settlement will avoid a jury trial that was scheduled to begin today

WellPoint Inc. closed the book on its longstanding class action lawsuit against its Anthem unit last Friday. The health insurer agreed to a $90 million settlement with former members and owners of Anthem Insurance, a former mutual insurer that demutualized in 2001.

The class, which consisted of more than 700,000 Connecticut, Indiana, Kentucky and Ohio residents, had filed suit against WellPoint in 2005, claiming it did not fairly compensate them when the mutual insurer converted to a stock company.

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