Cigna settles fraud case for $93 million

PHILADELPHIA, Dec. 8 (UPI) -- Cigna Corp., the Philadelphia insurance giant, agreed to pay $93 million to settle a federal class action securities fraud suit by shareholders.

The company said in a news release Friday that it "agreed to reach this settlement in order to avoid the time and expense involved in proceeding to trial. It is important to note that, under the terms of the settlement, CIGNA does not admit to any wrongdoing by the company or its officers."

Cigna will take a nonrecurring charge in the fourth quarter of 2006 of about $25 million after tax.