Court Approves $93M Cigna Settlement

Law360, New York (May 3, 2007, 12:00 AM EDT) -- A district court has approved a $93 million settlement between Cigna Corp. and its shareholders, bringing an end to a securities class action lawsuit that has dragged on for five years.

The U.S. District Court for the Eastern District of Pennsylvania approved the settlement on Monday, according to Cigna’s most recent filing with the U.S. Securities and Exchange Commission.

The settlement will force the company to take a $25 million after-tax charge, which will be used to cover defense costs. Cigna’s insurers will cover $720,000 in...
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