Aetna Wins Bid To Toss Securities Action

Law360, New York (June 16, 2009, 12:00 AM EDT) -- A federal judge has thrown out a putative securities class action over an alleged scheme to inflate insurer Aetna Inc.'s stock value that allowed insiders to sell off more than 1.2 million shares in the company for $61 million in February 2006.

Judge Thomas N. O'Neill Jr. of the U.S. District Court for the Eastern District of Pennsylvania signed off on a memorandum and order on June 9 granting the defendants' — Aetna and four individuals — motion to dismiss the consolidated complaint.

Lead plaintiff Varma...
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