ACE sues CIGNA for $170 million, alleges accounting and tax errors

By David Marchant

24 years ago

Topics

Keywords

ACE Ltd. Bermuda Insurance Market CIGNA

ACE Ltd. filed a civil complaint against CIGNA on December 11, 2000 alleging breach of contract stemming from its $3.45 billion acquisition of CIGNA’s property and casualty business in July, 1999.
ACE is seeking compensatory damages of $218 million, comprising $170 million in alleged over-valuation of the acquired business and $48 million under a Tax Sharing Agreement. ACE is also asking for a declaration that it is not liable to CIGNA for any additional tax liabilities.

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