Aetna settles suit for $120 mil

Investor's Business Daily

The nation's 3rd-largest health insurer will pay up to $120 mil to settle a class-action suit over how it pays out-of-network claims. Aetna (AET) will initially pay $60 mil into a settlement fund and up to $60 mil more, depending on how many people submit claims. If the suit is OK'd by the U.S. district judge overseeing the case, Aetna will take a charge of about $78 mil in Q4. The suit claimed Aetna improperly used data to underpay claims for services to out-of-network providers. Aetna shares rose 3% to 44.71.

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