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New York Life Sues Aetna Over Acquisition

October 20, 1998|Bloomberg News

New York Life Insurance Co. sued Aetna Inc. over Aetna's attempt to reclaim part of the $1.05 billion it paid for a managed-care unit of New York Life. Aetna said it wants the price reduced after seeing the complete financial condition of the unit, NYLCare Health Plans--a move allowed under the purchase contract. Aetna agreed to buy the unit in March, and the deal closed in July. In its lawsuit filed in U.S. District Court in New York, New York Life said Aetna has refused to provide it with access to some people and documents that it needs to counter the request. It also asked for an extension of the Oct. 28 deadline for presenting its argument. Shares of Hartford, Conn.-based Aetna fell $1.06 to close at $65.75 on the New York Stock Exchange.

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