CVS Escapes Claims Investors Were Misled During Aetna Merger

CVS and its top executives succeeded Tuesday in convincing Rhode Island’s top court to affirm the dismissal of allegations from investors that the company provided them with misleading information during its merger with Aetna Inc.

The investors waived their right to challenge a lower court’s dismissal because they didn’t include a merits-based argument in their brief, the Rhode Island Supreme Court said.

The lower court dismissed the investors’ suit because it was barred by collateral estoppel, which prohibits parties from relitigating issues that have been decided in a prior action. The lower court also said it was persuaded by ...