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

Oct. 1, 2021, 3:32 PM

Aetna Inc. and CVS Health Corp. defeated a proposed class action by Aetna employees who say they got a bad deal on the company stock in their 401(k) when the companies merged in 2018, a Connecticut federal court decision shows.

Judge Victor A. Bolden of the U.S. District Court for the District of Connecticut on Thursday dismissed the entirety of the workers’ nine-count complaint, which brought claims under the Employee Retirement Income Security Act against both companies and various officers, directors, and committees.

The workers failed to show that many of the defendants acted as plan fiduciaries under ERISA, Bolden ...