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Cigna Strikes Deal To End Class Action

Law360 (December 8, 2006, 12:00 AM EST) -- Cigna Corp. has agreed to shell out $93 million to settle a securities class action filed in Pennsylvania in 2002, accusing the health insurer and its executives of lying to investors about its plan to overhaul its outdated computer systems.

A judge will review the settlement at a fairness hearing slated for April 2007. The settlement is also contingent on a certain level of class participation, meaning that too many plaintiffs opting out of the settlement could torpedo the deal.

The class participation requirement is unlikely...
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