|By Jeff Swiatek, The Indianapolis Star|
|McClatchy-Tribune Information Services|
The surprise settlement, announced Friday, came after WellPoint had fought the lawsuit for seven years in court.
The lawsuit alleged that WellPoint's Anthem subsidiary underpaid policyholders who opted to receive cash instead of stock when the
It was one of the largest stock sales of an
"We continue to believe that in all ways the company acted appropriately and in the best interests of its former members," the company said in a statement, adding, "Anthem's demutualization was one of the most heavily regulated transactions in
The payouts by check to former policyholders may not happen until next year, given the legal processes that the deal still must go through in court, said Eric Zagrans,
If split equally among 700,000 people, the settlement payout would come to about
WellPoint won a court dismissal last year of a similar lawsuit by policyholders who received stock in the demutualization.
WellPoint faces no other lawsuits over the Anthem demutualization, WellPoint spokesman
Information about the settlement is at www.anthemcashclass .com.
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