CIGNA Corp. has agreed to pay $93 million to settle a securities fraud suit 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 plummeted by 45 percent when news of the problems was disclosed.
Attorney Sherrie R. Savett of Berger & Montague, who represented the lead plaintiff, the Pennsylvania State Employees Retirement System (SERS), said the case was scheduled to go to trial in March before Eastern District of Pennsylvania Judge Michael M. Baylson.
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