A federal judge has granted final approval of a $93 million settlement in a securities fraud suit against CIGNA Corp. that accused the company of hiding the fact that it was experiencing significant problems in an overhaul of its computer systems and that its stock price had plummeted by 45 percent when news of the problems was disclosed.
In his 12-page opinion in In re CIGNA Corp. Securities Litigation, U.S. District Judge Michael M. Baylson of the Eastern District of Pennsylvania also approved a $6 million settlement in a related derivative and awarded more than $23.5 million in attorney fees and costs to the plaintiffs lawyers.
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