In Anthem-Cigna ‘Soap Opera,’ Judge Hands Damages to Neither (2)

A Delaware judge rebuffed efforts by both Cigna Corp. and Anthem Inc. to collect billions over their failed merger, saying Cigna had breached its obligations but the merger was likely to have been blocked on antitrust grounds anyway.

Cigna, which would have been acquired by Anthem, had demanded about $15 billion in damages and termination fees. Anthem, which runs Blue Cross and Blue Shield plans in more than a dozen states, had insisted it was owed $21 billion because, it claimed, Cigna intentionally sank the deal by failing to challenge Justice Department opposition.

“Despite high-profile protagonists, a sprawling record, and ...