Anthem Defeats Cigna’s Appeal Over $1.85 Billion Breakup Fee (1)

Anthem Inc. secured its win Monday against Cigna Corp.'s quest for a $1.85 billion breakup fee over the collapse of their planned $54 billion merger, which would have created the world’s largest health insurer, when Delaware’s top court upheld a decision rejecting the fee bid.

The state’s justices affirmed a Delaware Chancery Court decision “on the basis of and for the reasons” given by Vice Chancellor J. Travis Laster in his 311-page decision last year, which ruled against each company’s attempts to recoup billions from the other.

Anthem had requested $21 billion from Cigna, which sought $16 billion in ...