retain nonprofit status, the ones that do have been criticized for holding excessive amounts of cash or excessive executive compensation. For instance, the CEO of BCBS Michigan, Daniel Loepp, earned over 19 million USD in 2018, more than the CEO of Ford or Fiat Chrysler during the same year. In 2014, BC/BS of Illinois (Health Care Service Corporation) was sued over its nonprofit status. The lawsuit was dismissed, with prejudice, and the dismissal ruling was upheld on appeal. Similar suits occurred with similar results in other states such as Oregon. For-profit conversions Conversions into for-profit corporations typically results in distribution of some of the assets into a charitable foundation. When Blue Cross of California was converted, it initially had no distribution, but subsequently The California Endowment and California Health Care Foundation were endowed with $3.2 billion. Proceeds ranged from $3.2 billion (California) to $1.5 million (Nevada). An exceptional case occurred in the Empire Blue Cross conversion, where the proceeds went to fund wage increases for union workers. Antitrust settlement In 2022, the group of 34 companies that make up the BCBS Association settled an antitrust investigation by allowing competition among member companies under non-Blue names while retaining regional exclusivity for regional licenses. See also Blue Cross Canada References Bluecross Blueshield insurance policy Review Quotes BCBS health insurance External links "How Much Is Too Much? Consumersunion.org; July 2012. "BCBSA History Fact Sheet" Blue Cross Blue Shield Association; March 1997. BCBS health insurance Bluecross Blueshield insurance policy Review Quotes 1929 establishments in the United States Companies based in Chicago Financial services companies established in 1929 Health maintenance organizations Insurance companies based in Illinois Medical and health organizations based in Illinois Organizations established in 1929 Supraorganizations