Bloomfield, CT and Indianapolis, IN - Relations between two of the largest insurers in the country, Cigna and Anthem, rapidly soured today after Cigna terminated its merger agreement with Anthem and filed suit against the insurer. The argument comes just days after a federal judge ruled against Anthem's $54 billion bid to takeover Cigna and after Anthem announced that it would appeal the decision.
Cigna is suing for $13 billion alleging breach of contract.
On February 15, Anthem coutner-sued to block Cigna from terminating the agreement arguing that Cigna has worked to derail the merger throughout the integration efforts. "Cigna's lawsuit and purported termination is the next step in Cigna's campaign to sabotage the merger and to try and deflect attention from its repeated willful breaches of the Merger Agreement in support of such effort," Anthem said in a statement that was published in Politico. The counter-suit was filed in the Delaware Court of Chancery.