6th Circ. Denies Cincinnati Workers' $55M Stake In Anthem

Law360, New York (July 25, 2012, 6:24 PM EDT) -- The Sixth Circuit on Wednesday affirmed an Ohio federal court's ruling that the city of Cincinnati is entitled to $55 million in Anthem Insurance Cos. Inc. stock after the insurer went public in 2001, finding that the class of city employees who sued to get the equity interests had no ownership stake in the stock.

In the opinion, the three-judge panel agreed with the lower court that the city was the policyholder of the group policy and had “grandfather” rights to the proceeds from the insurer’s...
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