Aetna said that its proposed settlement was reached with representatives of more than 700,000 physicians, state and other medical societies

settlement to raise the bar for the entire health insurance industry on fair and open business practices,” said Donald J. Palmisano, a physician and AMA president-elect.

Aetna said it would take a $75 million charge against earnings, on an after-tax basis, to account for the settlement. The company reported a $330 million net profit in this year’s first quarter.

Health plan members also filed numerous lawsuits that were consolidated in Miami, but the heath insurers have been settling those lawsuits for smaller amounts, usually $2,500 to $20,000, The Courant reported.

The court did not grant class-action status to the members’ lawsuits, which limited recovery of damages. The physicians’ suits, however, were granted class-action status last fall, giving insurers more incentive to settle.