Cigna CEO Blasts Suit Over $1.85 Billion Anthem Deal Breakup Fee

Cigna Corp.'s CEO and other board members fired back in Delaware at shareholder allegations that they cost the company a $1.85 billion deal termination fee by using “black ops style” tactics to “blow up” its planned $54 billion combination with Anthem Inc.

Cigna’s leaders say in a motion to dismiss the case that the insurer’s 2018 merger with Express Scripts created a new entity, which meant the pension fund plaintiff had to bring a “double derivative” lawsuit claiming the later transaction undervalued claims stemming from the busted Anthem deal.

The suit “does not come close to running the table” by ...