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Aetna, CVS Defeat ERISA Lawsuit Over Merger, 401(k) Stock Drop

Oct. 3, 2022, 6:13 PM

Aetna Inc. and CVS Health Corp. again defeated a proposed class action by Aetna employees who say the companies’ 2018 merger hurt their 401(k) accounts, when a Connecticut federal judge ruled the workers wrongly amended their complaint without permission.

The employees circumvented the express language of the Federal Rules of Civil Procedure and undermined the rules’ specific purpose of “providing clarity” about how the proposed amendments would resolve the legal deficiencies previously identified by the court, Judge Victor A. Bolden of the US District Court for the District of Connecticut said Sept. 30. This failure “alone” warrants dismissal of their ...