A managed care company is moving to resolve a dispute with investors who are angry about earnings shortfalls announced in 2002.
CIGNA Corp., Philadelphia, says it has agreed to pay $93 million to settle a class-action suit that lawyers have filed on behalf of shareholders in the U.S. District Court in Philadelphia.
The class includes investors who bought CIGNA stock from Nov. 2, 2001, to Oct. 24, 2002.
The settlement is subject to court approval, and it must attract a high level of class participation to take effect, CIGNA says.
The court has scheduled a fairness hearing for April 2007, CIGNA says.
The Pennsylvania State Employees’ Retirement System was the lead plaintiff in the case.