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CIGNA Corp.



Harrisburg, PA: The Pennsylvania State Employees' Retirement System filed a class action lawsuit against the insurer and four of its senior executives for allegedly making misleading statements to drive up stock price. The class was filed on behalf of the pension system and others who purchased CINGA stock from November 2, 2001 through October 24, 2002. The lawsuit claimed CINGA officials made a series of materially false and misleading statements to investors, leaving a false impression about problems with a five year, $1 billion technology overhaul the company embarked upon in 1999. CINGA will pay $93 million to settle the class action lawsuit, but did not admit to any wrongdoing. (Dec-08-06) [HOUSTON CHRONICLE: CIGNA STOCK]


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