Finding that all of the plaintiffs’ allegations were founded “on information and belief,” a federal judge has dismissed a class-action shareholders’ suit against Aetna Inc. that said the insurance giant misled the public about the integration problems it experienced after its $8.9 billion merger with U.S. Healthcare.
In his 49-page opinion in In Re: Aetna Inc. Securities Litigation, U.S. District Judge John R. Padova found that such allegations fail to meet the new, stricter pleading requirements of the Private Securities Litigation Reform Act of 1995.
