Connecticut General Life Insurance Company, Inc. provides disability, life, and accident insurance products. The company offers life, accident, and supplemental health insurance to individuals via direct marketing; health care and related employee insurance benefits to the expatriate employees of multinational companies on international assignments; and managed medical, pharmacy, and dental care services, including integrated indemnity and group life, and health insurance to workplace and consumer markets. It provides its products to employees and association members through their employers, associations, and other affinity groups. The company was incorporated in 1865 and is based in Hartfor...
900 Cottage Grove Road
Hartford, CT 06152-1038
Founded in 1865
Cigna Agrees to $35 Million Settlement in 401 Lawsuit in Illinois
Jul 8 13
Federal judge in Illinois has granted preliminary approval of a $35 million settlement in a 401(k) ERISA case on behalf of Cigna employees. Six plaintiffs are suing Cigna Corp., John Arko, The Corporate Benefit Plan Committee of Cigna, Connecticut General Life Ins. Co., TimesSquare Capital Management Inc., Cigna Investments Inc. and Prudential Retirement Insurance and Annuity Co. On behalf of a class of employees, the plaintiffs alleged the defendants violated the Employee Retirement Income Security Act of 1974 by causing the Cigna 401(k) plan to pay excessive fees, causing the plan to engage in prohibited transactions and receiving improper benefits from the plan as a result of Cigna’s sale of its retirement business to Prudential. Jerome Schlichter, of Schlichter, Bogard & Denton in St. Louis, represented the plaintiffs. Judge Harold Baker, of the U.S. District Court for the Central District of Illinois, presided over the case. Baker gave preliminary approval to the settlement. The defendants deny liability, all allegations of wrongdoing and that the class, its representatives or the plan suffered any losses. According to the agreement, Schlichter, Bogard & Denton will receive no more than $11.7 million in attorneys’ fees and no more than $1.2 million in litigation costs and expenses. Fees and expenses will come from the $35 million settlement. Each named plaintiff will receive no more than $25,000 in class representative compensation.