Cigna CEO, Board Sued for ‘Black Ops’ Effort to Kill Anthem Deal

Nov. 24, 2020, 2:29 AM

Cigna Corp.’s chief executive officer and board used “black-ops style” tactics in a covert campaign to “blow up” a $48 billion merger with rival insurer Anthem Inc., Cigna investors claim in a lawsuit.

A Massachusetts-based pension fund alleges that Cigna CEO David Cordani sought to “poison” the deal after failing to secure the top post in the merged company. He hired lawyers and public relations specialists to help in a “Trojan Horse” campaign, the fund claims. The deal, which would have created the largest U.S. health insurer, collapsed in 2017.

David Cordani
Photograph: Victor J. Blue/Bloomberg

“The board supported his sabotage and placed ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.