Aetna Inc. is facing a lawsuit accusing the company of making misleading statements concerning its exits from public health exchanges.
The law firm Saxena White P.A. filed a securities fraud complaint alleging that Aetna failed to make public its senior executives' attempt to leverage the company's participation in the exchanges for favorable treatment from regulators regarding its proposed acquisition of Humana Inc.
Aetna threatened to limit its participation in the exchanges if the Justice Department attempted to block the merger, the firm said in a release. The insurer subsequently claimed that it left some exchanges for business reasons, but Aetna actually withdrew from profitable exchanges to improve its litigation position, the Saxena complaint alleges.
Aetna did not respond to a request for comment.