By: David McLaughlin and Anfrew M. Harris
Appeals court upholds ruling that deal harms competition
Justice Department sued insurers to stop $48 billion tie-up
Anthem Inc. failed to overturn a court ruling that blocked its planned takeover of rival Cigna Corp., capping a nearly two-year battle to complete a combination of two of the biggest health insurers in the U.S.
The federal appeals panel in Washington upheld a lower court ruling by a 2-1 vote on Friday. The court rejected Anthem’s key argument, that the medical savings resulting from a combination of the two companies were enough to offset any anticompetitive effects.