Cigna CEO, Pension Fund Pause Suit Pending Ruling in Anthem Case

Dec. 10, 2020, 3:45 PM

Cigna Corp.'s CEO and the pension fund claiming he used “black ops style” tactics to “blow up” its $54 billion merger with Anthem Inc. agreed to put the case on hold while Delaware’s top court weighs in on the multibillion-dollar dispute between the two insurers.

The pension fund’s shareholder lawsuit, filed in Delaware Chancery Court in late November, also targets members of Cigna’s board. It accuses them of helping CEO David Cordani “sabotage” the deal’s chances for regulatory approval solely to save their own jobs, after initially “begrudgingly” agreeing to it.

The merger, which would have created the largest U.S. ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.