HARTFORD, Conn. (AP) — Connecticut state workers and retirees will not get part of a $94 million stock windfall received by the state in 2001 and then used to help fill a budget gap.
The state Supreme Court on Tuesday rejected the workers’ appeal that they, not the state should have received the Anthem Insurance stock that was issued when the company switched from a mutual to a shareholder-owned company.
The court had ruled in 2010 the state had immunity from the workers’ lawsuit. But, it allowed the case against Anthem to go forward.
If the workers and retirees had won against Anthem, the value of their stock payouts would have ranged from a few hundred dollars to up to $15,000, depending on factors such as how much they paid in insurance premiums.