The Delaware Supreme Court rejected Cigna's bid for a $1.85 billion breakup fee from Anthem related to their failed merger agreement, according to Law 360.
Justice Karen Valihura rejected Cigna's bid May 3, siding with a 2020 decision from Vice Chancellor J. Travis Laster that left Anthem and Cigna both without the breakup fees they sought. In that decision, Mr. Laster said, "Neither side can recover from the other. Each must deal independently with the consequences of their costly and ill-fated attempt to merge."
The insurers' proposed $54 billion merger collapsed in 2017 amid antitrust objections. Cigna and Anthem have been fighting for breakup fees and damages related to the botched deal ever since.