After Bloomfield, Conn.-based Cigna sued to terminate its $54 billion merger agreement with Indianapolis-based Anthem, a Connecticut judge ruled in favor of Anthem in a counter suit on Feb. 15, 2017, Bloomberg reports.
Here's what you should know.
1. Judge Travis Laster ruled that Cigna executives couldn't pull out of the merger. He issued a temporary ban to protect "the legal status quo" until he could weigh arguments at an April 10, 2017 hearing.
2. The temporary block allows for Anthem to pursue its federal appeal. Anthem filed an appeal to its case with the Department of Justice Feb. 13, 2017.
3. Anthem sued to prevent Cigna from terminating the merger agreement, and collecting up to $14.85 billion in damages and breakup fees.
https://www.beckersasc.com/asc-coding-billing-and-collections/anthem-sues-cigna-over-terminating-merger-4-key-notes.html
4. A federal district court ruled against the merger as a whole on Feb. 8, 2017, saying the combined payers would limit competition as a primary reason for the ruling.
5. Anthem said it is "committed" to completing the merger through a successful appeal or by settling with the Department of Justice.