Georgia’s Court of Appeals will hear oral arguments in March that could settle the issuing of up to $28 million in stock to Blue Cross and Blue Shield of Georgia policyholders.

The money constitutes shares of Cerulean Inc., the parent company of the Georgia Blues. The stock was offered to all 144,000 policyholders of the Georgia companies, but only about half had accepted the offer of five shares each when the distribution was closed.

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