WellPoint settles up

Health insurer WellPoint Inc has agreed to pay up to $198 million to settle two lawsuits over alleged unfair payment practices.

The health insurer, who mainly operates under the names Blue Cross and Blue Shield, will pay $135 million to the 700,000 doctors who filed complaints and contribute $5 million to a non-profit foundation aimed at improving healthcare for the disadvantaged. The company will also pay legal fees of up to $58 million, as decided by the court. The settlement will cut-second-quarter earnings by 10 cents per share after taxes.

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