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Battle intensifies over funds from 1993 merger
Kentucky's effort to wrest at least $230 million from Anthem Blue Cross & Blue Shield - what the state thinks the public is owed from a 1993 merger - has resulted in a clash over ads the insurer has run and letters it has sent to policyholders.
A lawsuit filed Oct. 22 by Attorney General Ben Chandler in Franklin Circuit Court claimed that when Kentucky Blue Cross & Blue Shield merged with the Indianapolis-based Associated Group, the merged group retained $230-$700 million in nonprofit funds. Those funds, the suit claims, were accumulated when the Kentucky Blues plan operated as a nonprofit with charitable …