Cigna CEO, Board Hit With $1.85 Billion Suit Over Anthem Deal

A pension fund sued Cigna Corp.'s board and CEO in Delaware Chancery Court, claiming they used “black ops style” tactics to “blow up” the insurer’s $54 billion merger with Anthem Inc.—after “begrudgingly” approving it—solely “to protect their jobs at the expense of shareholders.”

“With the deal pending and the parties required to work cooperatively to gain regulatory approval,” Cigna CEO David Cordani “chose to poison the process to ensure the deal’s failure,” the complaint says. “The board supported his sabotage and placed Cordani’s personal interests over the best interests of the company.”

The lawsuit, made public Monday, comes three ...