Aetna Announces Settlement of 1997 Shareholder Class Action.Business/Technology Editors HARTFORD, Conn.--(BUSINESS WIRE)--Sept. 26, 2000 Aetna Inc. (NYSE NYSE See: New York Stock Exchange : AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. ) announced today that a settlement has been reached in Re Aetna Inc. Securities Regulation, a securities class-action suit Noun 1. class-action suit - a lawsuit brought by a representative member of a large group of people on behalf of all members of the group class action originally filed in the U.S. District Court for the Eastern District of Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York in 1997. The settlement does not reflect any admission of wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do by Aetna.
The settlement will create an $82.5 million fund that will be used to pay claims submitted by class members and pay fees of the plaintiffs' attorneys. A substantial portion of the settlement is covered by insurance, however, Aetna currently anticipates reflecting in its third quarter 2000 earnings an approximately $5 million after-tax expense item due to the settlement. This agreement is subject to court approval and includes all persons who purchased the common stock of Aetna during the period from March 6, 1997 through September 29, 1997. A Fortune 50 company, Aetna currently provides over 45 million people with quality products, services and information. Aetna is the nation's leading health and related benefits organization with 19.4 million health members, 14.6 million dental members and 11.5 million group insurance members. Information about Aetna is available at www.aetna.com. |
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